The former Manchester City striker has been heavily criticised in recent weeks.
Baresi commented: "In football there are cycles, now the waters have calmed down (at Milan), this Milan can do better. I have not talked to anyone about former comrades, we need serenity.
"Balotelli? He has Italian heritage, the best striker we have now, we must protect him. And he's a good guy who wants to do well.
"(Adriano) Galliani? I'm not talking about corporate matters."
For breaking stories and all the great banter like us on Facebook: facebook.com/tribalfootball