Reports alleged the pair had a bust-up at half-time in City's 3-3 draw at home to Sunderland last weekend and clashed previously in the defeat at Swansea.
But Toure said he views Balotelli as a "brother" and "loves" him.
"They said I fought with Mario at Swansea and against Sunderland," he said in an interview with the Daily Mail. "That shocked me. My lawyers called me about this and it was the first I knew about it.
"It's just not true. It didn't happen. I am a footballer, not a boxer. People don't know my relationship with Mario. He's not my friend, he's my brother and I love him. To say we had a fight is very sad. It upset me and I feel sorry for Mario. He suffers most from these things."