Balotelli made a £16m move to Liverpool last month, before Torres joined the Rossoneri on a two-year loan from Chelsea.
Lopez, who himself signed from Real Madrid this summer, thinks that the Spaniard will be a key player for the Italian giants.
He told Milan Channel: "Balotelli? Torres will be more useful as he has shown the characteristics needed to win.
"He's a great signing. We're talking about a player who has done amazing things, who has experience, speed, and will be important.
"There are many similarities with Real, we're talking about two big clubs at every level of infrastructure. I'm getting to know the city and my team-mates and settling in. Hopefully everything will go well."
Milan travel to Parma on Sunday.