Totti was sent-off for his horrendous challenge on the Inter youngster.
And speaking with Gazzetta dello Sport, Balotelli revealed Totti fired a racist insult at him in the lead up to the clash.
The player's agent, Mino Raiola, also said: "Mario swears he never said anything insulting to him (Totti). All he said was 'enough with the kicks, I'm not kid, let's play football'.
"Nothing more. Totti did the rest ..."
For his part, Totti told Corriere dello Sport: "He (Balotelli) is a provocateur, creating problems everywhere. He insulted me, telling me that I was finished, my team and my city."