The Reds are set to sign the controversial Italy striker in a £16m deal.
Souness told the Sunday Times: "It's an enormous gamble by Rodgers.
"And it's a gamble I don't think he needs to take because he has a very strong group of players.
"The harmony looks good but he may find, like every previous manager of Balotelli, that he will spend more time talking about him, spending time with him and defending him than he will the rest of the group put together.
"At times Balotelli doesn't seem to enjoy football. Big teams can do without people who pick and choose when they will have a go. It's a high-risk signing and I wouldn't want him."
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