The English-born centre-half, 21, has been without a club since leaving Hearts on January 31 having been told he was surplus to requirements at Tynecastle and could now make a third switch to Firhill.
Balatoni first joined Thistle on loan last season under former boss Ian McCall.
He impressed enough to convince new Jags gaffer Jackie McNamara to bring him back along the M8 for the first half of the current campaign.
Having returned to Hearts at the end of his short-term deal, Balatoni exited the Gorgie club due to their desire to reduce the wage bill in the face of rising debts, clearing him to sign for another outfit outwith the transfer window.
Balatoni played in a bounce match against a Scottish Universities' Select in Edinburgh on Monday night and could become a Thistle player once again in the coming days.
The capture of Balatoni would be a major boost to McNamara ahead of the Irn-Bru First Division run-in after seeing an unfamiliar defensive line struggle during their 3-1 defeat to Livingston on Saturday.
Captain Alan Archibald is set to return to action following a ban when Morton visit Firhill on Saturday, while defender Willie Kinniburgh is still a couple of weeks away from a competitive reappearance following a lengthy spell on the sidelines.