The two nations are level on three points going into the final Group D clash, but Italy's superior goal difference means they only need a draw to progress to the last 16. Uruguay must win to pip Cesare Prandelli's men to qualification.
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"It's not a battle between two individuals, it's between two teams who want to be in the second round of the finals," Balotelli told Times of India.
"We will be fighting to survive and that is motivation enough for all of us. I'll be happier to win the game rather than scoring and yet losing the game. Suarez will be thinking along the same lines too."
Italy appeared to be cruising to qualification from Group D after a Balotelli header helped defeat England 2-1 in their first match, but they then fell to a shock 1-0 loss to Costa Rica in Recife last Friday.
"It happens in football and that is why the game is so unpredictable," Balotelli explained. "We played well, created chances but we failed to put the ball in their net. We all know that we cannot win every game.
"So, you have to accept some defeats, no matter how bitter it feels. But that's in the past. Now we are eager to be on the field again to continue our battle."
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"That's good for football," the 23-year-old said. "But we are not surprised since there is very little difference between countries now. In the final phase, every player, including me, wants to excel on the field.
"Now, we all are aware about the threats Uruguay pose for us. We have prepared ourselves accordingly."