Belotti, who has been absent from the Azzurri since last September, was included on coach Roberto Mancini’s list, with AC Milan goalkeeper Gianluigi Donnarumma ruled out with a hamstring injury.
Balotelli, who has scored eight goals in 15 games since joining the French club in January has not featured on the international stage since September.
Roma’s Antonio Mirante, who received one call-up under former Italy coach Antonio Conte, comes in for Donnarumma, with Atalanta goalkeeper Pierluigi Gollini also handed a first call-up after his side’s first-ever Champions League qualification.
Cagliari forward Leonardo Pavoletti has been preferred up front along with Belotti, Stephan El Shaarawy, and Sampdoria’s Fabio Quagliarella, 36, the top scorer in Serie A with 26 goals this season.
In defence are Chelsea’s Emerson Palmieri, Torino’s Armando Izzo and Juventus pair Leonardo Bonucci and Giorgio Chiellini.
Youngsters Moise Kean, Federico Chiesa, Nicolo Barella and Lorenzo Pellegrini have been included ahead of the European Under-21 Championships.
Italy play Greece on June 8 in Athens before welcoming Bosnia to Turin on June 11. The Azzurri are top of Group J — which also includes Finland, Armenia and Liechtenstein — after two wins from two.
Goalkeepers: Alessio Cragno, Pierluigi Gollini; Salvatore Sirigu, Antonio Mirante
Defenders: Francesco Acerbi, Cristiano Biraghi, Leonardo Bonucci, Giorgio Chiellini, Mattia De Sciglio, Emerson Palmieri, Alessandro Florenzi, Armando Izzo, Gianluca Mancini, Alessio Romagnoli, Leonardo Spinazzola
Midfielders: Nicolo Barella, Federico Bernardeschi, Bryan Cristante, Jorginho, Lorenzo Pellegrini, Stefano Sensi, Marco Verratti, Nicolo Zaniolo
Strikers: Andrea Belotti, Federico Chiesa, Stephan El Shaarawy, Vincenzo Grifo, Ciro Immobile, Lorenzo Insigne, Moise Kean, Leonardo Pavoletti, Matteo Politano, Fabio Quagliarella