Rodgers had previously described the Italy international forward, who has also been a target for Arsenal this summer, as "a big talent".
"I was asked the question about Balotelli and spoke about what a talent he is and excellent player he is," the Northern Irishman told reporters.
"I can categorically tell you that he will not be at Liverpool.
"He is a wonderful player but an AC Milan player. I just gave my opinion of him but that doesn't mean I will be signing him."
Balotelli came face to face with the Reds on Saturday as they lost 2-0 to Liverpool in a pre-season match in Charlotte, North Carolina.
Rodgers has already signed Rickie Lambert, Lazar Markovic and Adam Lallana in forward positions this summer as he looks to recover from the loss of Luis Suarez to Barcelona.