Balotelli spent four years at Inter and before joining arch-rivals AC Milan from Manchester City in January, and Materazzi has said that the striker is fair game for anything that is short of racism from fans.
"As long as it doesn't get dragged into racism, everything is fair," Materazzi told La Republica.
"I have never seen such a talented played at 17. Milan was his dream, so that he's there now is really no surprise.
"I will always thank him because he took us to trophies, and I expect a passionate welcome for him."
Balotelli has scored four goals in three games since joining Milan last month.