The Italy international has been heavily linked with a return to Serie A but Allegri says the club are focusing their attentions on signing Kaka, instead.
"[We are] only negotiating for Kaka, so there will be no Mario Balotelli or David Beckham," he told reporters ahead of his team's clash with Bologna.
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"There are talks in progress for Kaka, an important negotiation process if this great return should occur.
"I agree with the club and Adriano Galliani on everything, so there has never been my position opposed to that of the club.
"There is an exchange of ideas, certainly, but it's not true that I don't want Kaka.
"Beckham? I know Beckham, he is a great guy and a player of real class. However, you can't wipe out his birth certificate and Milan have chosen to focus on youth hopefully with support from an important champion like Kaka.
"Balotelli? We are only negotiating for Kaka. In attack we have Giampaolo Pazzini, Bojan Krkic and M'Baye Niang, while we also have experienced players who bring a sense of security."
Chief executive Adriano Galliani also hinted that a move for Balotelli was not on the cards, after being quoted as saying: "Last Friday his price at Manchester stock market was €37m (£31m). We'll see on Monday."