The controversial Italian is expected to seal a move to Anfield from AC Milan after a reported £16m fee was agreed between the two parties yesterday.
Balotelli spent three years at Man City under former manager Roberto Mancini before moving to the San Siro in January last year.
The 24-year-old, who made numerous headlines for his activity off the pitch while in England, is expected to join Liverpool as a replacement for Luis Suarez, who moved to Barcelona earlier this summer.
"They will always miss Luis Suarez because he is a very important player but they have brought a lot of important new players and continue being a very strong squad also," Pellegrini said in today's press conference.
"I know the character of Mario Balotelli, everyone that is involved in football knows about him. If Liverpool decide he is the player that is important for them, perfect for them and perfect for Mario."
Balotelli is expected to undergo a medical in Manchester today ahead of his move to the Reds.