With El Shaarawy completing his return to Roma for a second spell on Saturday, he joins a short list of players who have signed twice for the club - one of whom, of course, is Balbo himself.
The Argentine first joined the club in 1993, going on to score goals at a healthy rate until 1998. Then, following brief spells at Parma and Fiorentina, he returned to the club in the summer of 2000 - ready to play a supportive role in a side now built to challenge for the Scudetto.
That they did, of course, in the summer of 2001. And, with 87 goals in 182 games for the club, Balbo picked up a prize that reflected his vast contribution to the club's cause over both his spells.
With all that in mind, we asked him to reflect on that second spell - and how El Shaarawy might be approaching his own sequel performance.
What was it that brought you to return to Roma?
"I wanted to finish my career where I had enjoyed my best moments [Balbo would ultimately complete his career with four appearances for Boca Juniors during the 2002-03 season].
"Rome was where I felt most at home. I wanted to end my playing career representing the club that I had given so much to during my career. And then, of course, there was also the prospect of winning a title. So there were sentimental reasons for it."
And now El Shaarawy has followed the same path...
"Yes, and you can see that he has already made it clear just how much love and passion he feels for Rome and Roma. But Stephan is also still young, and he's coming back to a top league to compete at the highest level. So he has sporting reasons for the return as well."
At the end of the day, did financial considerations drive your decision to return?
"Not at all. I was at the end of my career and I was ready to accept less than I was earning in Florence. I made the decision out of love."
Why do so many players - non-Roman players - seem to fall in love with Roma and Rome?
"It depends on how you find it all: from your relationship with the club, to the fans, and then to the city itself. For me all of those parts fell into place in an amazing way. Franco Sensi [the former club president] was like a father to me, and Rome is the most beautiful city in the world. Those who live in Rome already know that.
"When I left Rome, I immediately felt nostalgia for it all. I am really tied to this club and these colours, even separating it all from the success I enjoyed."
For a while you have been living elsewhere - but now you are back in Rome for good?
"I never left permanently. I have lived in Rome since 1993. For a while I was in the United States, it's true, because my children were studying there. And I would also go to Argentina for periods, because I had business interests there I needed to take care of. So for a while I was definitely in Rome less often.
"But this is my city. I live here with my family. Rome is my home."
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