The Italy international's former girlfriend told Chi magazine that she informed the striker on the eve of last Thursday's Euro 2012 semi-final clash with Germany that she was four-months pregnant with his child.
Balotelli has now issued a press release in which he claims that he has no intention of shirking his responsibilities, but is seeking a DNA test to prove that he is indeed the father.
"Although I would have preferred not to speak about my private life in public, I feel obliged to clarify, once and for all, my relationship with Raffaella Fico," the 21-year-old explained.
"Our relationship ended at the start of April and since then we have not met, nor heard from one another.
"I have not had anything to do with her life and Raffaella has not had anything to do with my life.
"Raffaella knows well that since we parted company with one another that I had, and have, no intention of returning to her.
"But because of what there was between us, I never wanted to talk about it, even when there were untrue things being said and written about us.
"A few days ago I came to learn from others that Raffaella was pregnant. For this reason, I decided to contact her and only after my question was it confirmed to me that it was true.
"I am very disappointed. I do not think it's normal not to know anything until the fourth month [of the pregnancy].
"I do not understand why she did not contact me immediately to tell me something of such importance.
"I'll assume all my responsibilities when I have the proof of my paternity."
Balotelli continued: "Also, it annoys me to see that she has already sought to make money from this story by selling photos and interviews.
"I think that Rafaella is already famous enough not to have to take advantage of this story for publicity purposes.
"This is the first and only time I will discuss this topic in public and so I have no intention of replying independently to what is said or written by Raffaella."
Fico had claimed that Balotelli, who netted twice in the Azzurri's 2-1 victory over Germany, had been overjoyed with the news that she was expecting.
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