The AC Milan icon believes that there is nobody better than the 23-year-old in the Scudetto race, while praising PSG and Barcelona's strikeforces
The likes of Pablo Osvaldo and Edinson Cavani have left Italy for Southampton and Paris Saint-Germain respectively, though Gonzalo Higuain, Carlo Tevez and Mario Gomez are among the illustrious attackers to have joined the division.
Balotelli, 23, helped propel the Rossoneri to third spot in the league following his arrival in January and Inzaghi, who is currently one of Milan's youth coaches, hopes that he can be the top scorer in Italy this year.
"I would call all of Milan's attack great, but Balotelli is the strongest striker in Italy," the 40-year-old told the Corriere dello Sport.
"As a Milan fan, I hope that he will become the top scorer in Serie A - it would be important for him, for us and for the national team."
Inzaghi, who played at San Siro for just over a decade, also branded Paris Saint-Germain's strikeforce as amongst the strongest on the continent and also showered Barcelona's attack with praise.
"Zlatan Ibrahimovic and Cavani are a formidable pair," the Italian added. "Cavani is a killer and in fact has already placed his shot. And they're one of the strongest in Europe - they'll score 50 goals between them.
"Neymar and Lionel Messi are the two strikers that every coach in the world would like to have in the squad.
"Messi is the absolute best player and Neymar I followed in the Confederations Cup and I liked him. He's amazing at one-on-ones."
Milan could face the likes of Barca later this season if they can beat PSV over two legs in their Champions League play-off, with the away fixture on Tuesday at 19:45BST.