Rodgers was full of praise for Italy international in the lead up to his side's International Champions Cup meeting with Milan in Charlotte on Saturday, labelling the 23-year-old a "big talent".
Those comments resulted in speculation that the Northern Irishman could bring former Manchester City man Balotelli back to the Premier League as he looks to fill the void left by Luis Suarez, who signed for Barcelona last month.
However, ahead of Liverpool's International Champions Cup final against arch-rivals Manchester United in Miami on Monday, Rodgers has poured cold water over such reports.
"I was asked the question about Balotelli last week and spoke about what a talent he is," he explained on Sunday.
"But I can categorically tell you that he will not be coming to Liverpool.
"He is a wonderful player, but he is an AC Milan player.
"I just gave my opinion on him - but [that] doesn't mean I'll be signing him."
