Balotelli, 23, has been linked with Arsenal throughout the close-season but Inzaghi was unwilling to be drawn into the speculation.
Inzaghi, whose team are heading to the United States, said the Italy international was one of the club's key players.
"I feel fine. Balotelli is a very important player and belongs to Milan," Inzaghi told a news conference on Tuesday.
"I will interact with him in the same way I do with other players. I will forget everything I have heard about him, good or bad, because I need to know people in order to get the best out of them.
"The club is responsible for making these decisions, for me Mario is a talented guy who plays for Milan and the national team."
Torino forward Alessio Cerci has been linked with a move to Milan and Inzaghi was asked whether the 26-year-old would fit into his attack.
The former Milan striker refused to be drawn on Cerci and gave a strong indication that Balotelli was part of his plans.
"Cerci is a Torino player," Inzaghi said.
"Anyway, I would think of Balotelli and [Giampaolo] Pazzini as central strikers. We have two great forwards in my opinion.
"Either Mario or Giampaolo will play in that role; sometimes we may also see them playing together."
