Balotelli has clashed with previous managers Jose Mourinho and Roberto Mancini in the past, and has also made headlines for his off-field activity.
Despite this, Heskey believes that the ex-Manchester City forward, who is closing in on a £16m move from AC Milan to Anfield, will be a success in his second spell in the Premier League.
He told reporters: "I didn't realise he was on their radar, I don't think anyone was realising that, but once you get over that shock, you think it's quite a good deal.
"I think you probably are looking at a risk, but they would have probably weighed everything up, and every manager thinks that they can tame the beast or the wild side of him. But if you're looking at his goals-per-game ratio, it's quite good.
"I do think he's got a lot of talent and I do think he'll bring a something to the side, I think Liverpool have spent money wisely, and improved their squad immensely."
Balotelli spent three years at Manchester City before joining Milan in January 2013.