The Rossoneri are set to meet with the forward's representatives this week and discuss his future at San Siro, with Manchester City said to be keen on signing the 20-year-old.
According to reports in Italy, Milan CEO Adriano Galliani will sit down with the forward and his representative next week to discuss the 20-year-old's future at the club amid talk of a possible move to Manchester City or Fiorentina.
Vierchowod claims the striker should be shown greater respect for the way in which he carried the Rossoneri attack during the first half of last season.
"He pulled the wagon when the team was at the bottom of the standings," Vierchowod told Tuttosport. "Now everyone is praising Balotelli but he only came in January, when the Rossoneri were already rising thanks to goals from El Shaarawy.
"The club should have better appreciated this player, who was essential for so many months.
"At this time, he deserves more respect. Instead, he seems to have been a bit forgotten because of this dip in form."
El Shaarawy netted 16 times in Serie A last season, but only once following the signing of Balotelli from City. He has featured in one game for Italy at the FIFA Confederations Cup, coming on as a second-half substitute in the Azzurri's Group A finale against host Brazil.