The controversial player failed to make an impact at Anfield last season, scoring only one goal in 16 Premier League appearances as the club finished sixth in the table.
The 25-year-old Italian, who joined Liverpool last season for a reported fee of 16 million pounds ($24.78 million) from Milan, was also criticised for his poor work rate during his time in England.
"I take my responsibilities, but the system chosen by Rodgers wasn't suited to my characteristics," Balotelli said on Milan's official website.
The Italy international said he cannot afford to waste anymore chances.
"I feel like someone who has put the first part of his career to one side. Played and lived like a boy," Balotelli said.
"I haven't forgotten how to play football. I am no longer a kid. I've wasted too many chances," he added.
Balotelli, who also played for Manchester City, had a relatively successful and uneventful spell in Milan, scoring 18 goals in 41 Serie A appearances in one-and-a-half seasons.
According to a media report, he will have a good behaviour clause inserted into his contract with Milan, banning extravagant haircuts and clothing and committing him to a healthy lifestyle.
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