Despite being a Red Devils fan, Bolt has said that he advised Balotelli to complete a £16m switch from AC Milan to Anfield as "England is the best place to be".
"We're talking, and I tell him England is the best place to be," told ESPNFC.com.
"I talk to him and I said listen, when you play against Man United, just make a few mistakes. We'll be alright."
Balotelli made his Liverpool debut in their 3-0 victory away at Tottenham Hotspur last weekend, and the Italian striker is expected to lead the line for his new side in the absence of Daniel Sturridge, who picked up a hamstring injury on international duty.