Balotelli has scored only two goals since joining from AC Milan in a £16 million deal in August and is yet to hit the net in the Premier League.
That has led to reports that Liverpool might look to sell the striker in January and bring an end to what has so far been a turbulent and disappointing second spell in England for Balotelli.
One club linked with a potential move was Juventus, but Allegri has since poured cold water on that rumour on Italy's state TV.
“Balotelli has done very well with me but he belongs to Liverpool and he is not a player that can arrive at Juventus,” the ex-Milan boss said.
Those are sentiments that are reportedly shared by his agent Mino Raiola, who has insisted that the former Inter striker will come good at Liverpool despite his disappointing start.
“I’m not worried,” Raiola told Rai. “Mario has been out for almost 10 weeks with an injury and you cannot judge him until he is 100% fit.
“It’s not easy to go abroad and adapt quickly to a new team.”
Balotelli's agent has also claimed that neither party regrets his return to the Premier League, admitting that his client is not doing well at Liverpool but is working hard to return to top condition.
“I do not regret this transfer and Mario’s departure from Milan,” said Raiola.
“Now he is not doing well at Liverpool for different reasons but Mario is calm and he is working to return to be in top condition.”