The Italy international has struck just once in the 10 games that he has played for the Reds since securing a £16m move to Merseyside from AC Milan in August.
"I can't change the way I feel about Balotelli, and that is nothing to do with what he's done in a Liverpool shirt," he told Sky Sports News.
"It's what he's done at Manchester City and AC Milan. Do I think he's going to be here long-term? No, I'd be surprised to see him here next season if I'm being honest."
Balotelli's transfer fee was widely considered a bargain given the modern climate, but Jamie Redknapp claims that the club should have been suspicious of the price tag from the start.
"There's a reason when you go to the supermarket and something is half price," the ex-Liverpool midfielder added.
"Why on earth they went for him I'll never know. They should've just left him alone. The fact that they went and got him, it just doesn't make any sense to me."
The 24-year-old was substituted at half time in Wednesday night's 3-0 home defeat to Real Madrid in the Champions League.
Upon entering the tunnel at the interval the Italian also appeared to swap shirts with Pepe, an incident that manager Brendan Rodgers condemned after the game.