The Italy international is in line to make his Reds debut when Brendan Rodgers’ men travel to Tottenham Hotspur on Sunday.
And Gerrard is confident that the Merseyside club will get the best out of the controversial forward.
“What about Mario? Does he want to grab it? Does he want to become a star at Liverpool?,” Gerrard told Sky Sports News HQ.
“The support is waiting to get behind him and push him and it’s all about whether he wants it or not. I believe he’s capable.
“We know what type of character he is and that needs a bit of support, but he belongs to us now so it’s up to me, the players and the staff to look after him and make sure we give him a platform to perform.
“We’ve not had too much of his character yet – only a few minor changes in the dressing room, like the music changing and a few little alterations we’ve had to make.”
Former Manchester City striker Balotelli, 24, joined the Reds from AC Milan on Monday in a £16m deal.
MORE: Man United latest news
MORE: Arsenal latest news
MORE: Chelsea latest news
MORE: Liverpool latest news