The Rossoneri have had a disappointing season by their own lofty standards, but would go some way to lifting the mood at San Siro with a victory over Wednesday's opponent Atletico Madrid in the last 16 of the tournament.
Milan has not won Europe's most prestigious competition since it beat Liverpool 2-1 in 2007, and Balotelli says he would make the ultimate strikers' sacrifice and wear Christian Abbiati's gloves in goal if it ensured silverware in this campaign.
“My position? I'm a central striker, but I will also play in goal to win the Champions League. I am very happy to be able to play," he told reporters.
"Am I a champion? I think I am a good player."
Milan is currently ninth in Serie A following a1-0 victory over Bologna courtesy of Balotelli's wonderful effort, while Atletico bounced back from a three-game losing streak with a 3-0 win over Valladolid.
The 23-year-old knows the club will have its work cut out against Diego Simeone's men.
“I have not scored in the group stage, perhaps because I have not played that much but I want to help the team and win," he continued. “In games like the one tomorrow there is something different. Atletico will be hard to beat but from one game to another things do not change that much.
“I have never scored against a Spanish team because they are all tough sides. Maybe I can start now."
Meanwhile, Balotelli also insisted that he is his harshest critic.
"I suffered in the stands, now I want to lend a hand. I am my own biggest critic," he added. "Certainly I am already critical of myself. I don’t mind if journalists are critical of me after I've already done it."