Balotelli hasn't put a foot wrong since his arrival from Manchester City.
"I think that right now Balotelli is among the top five players in the world," declared Galliani on Sky Sport Italia.
"Of course Edinson Cavani should be taken into consideration in that list, but let us not forget that Balotelli is only 22 years old.
"He's modest too. I called him up to congratulate him for the goal scored against Brazil, but he said he should've scored another two.
"I always considered Balotelli to be a great player, even when he was at Inter, and we were able to bring this talent back to Italy. I speak to him every day and tell him to continue doing well, as it's his first season as a first choice.
"Milan have had eight Ballon d'Or winners, so we hope to make it nine with him."