Allegri: No chance of Milan bagging Balotelli
The fiery Italian is a boyhood fan of the Serie A side, with reports suggesting the Rossoneri are keen on bringing the former Inter striker back to Milan.
However, Allegri cannot see Balotelli returning to the San Siro and hopes that the youngster matures as a player before it is too late.
"Balotelli to AC Milan? No, Mario won't come," he told Chi magazine.
"I hope he matures because a footballer's career is short. He should not end up having regrets for the mistakes he has made."
Allegri also revealed he, one day, hopes to coach the Italian national team, but conceded he is running out of time to do so as he does not see himself remaining in management long-term.
"I dream of one day coaching the national team, I admit," the 44-year-old added.
"I'll stop coaching in 10 years. I started when I was forty, I will finish at 55 years.
"Fifteen years as a coach are enough - all this rubbish [he match-fixing scandal] really puts you off going on."