Last week saw the Argentinian striker leave City after four years to join the Italian champions, prompting Milan vice-president Adriano Galliani to make public his disappointment the 29-year-old had turned down an alternative move to San Siro.
Balotelli did choose Milan when leaving the Etihad Stadium in January and he admitted trying to persuade his former colleague to follow suit.
He told Tuttosport: "Tevez is my friend and I told him to come to Milan, but he didn't listen and went to Juve instead.
"So he should understand where I'm coming from if I take the mick out of him on the pitch.
"But I'm not scared of Juve. I have respect for everybody but fear nobody."
The 22-year-old is keen to see Milan attract new names to San Siro as the Rossoneri bid to improve on a third-placed finish and catch champions Juve.
Balotelli does, however, see fellow striker Stephan El Shaarawy's decision to reject the overtures of several interested clubs to reaffirm his future to Milan as a step in the right direction.
"I hope that Milan can strengthen a little because, although we are strong, we will need reinforcements to compete with other teams in Europe," he added.
"I sent Stephan a message asking him how it went with Galliani and he told me he was staying, so I told him he'd made a good choice. I'm happy.
"Personally, it's nice to be told you're indispensable but in football you never know. Milan is in my heart - it's a great club with great fans. I'm happy here right now and so I will stay here."