Balotelli has been heavily criticised following his red card during the loss to Arsenal last Sunday and Lippi admits that he is worried by the 21-year-old's attitude.
The World Cup-winning manager told World Football: "I hope that he will wake up soon. He'd be better off letting his talent on the field speak for itself.
"He could play in any club in the world, because of his ability he'll be in much demand.
"I think Roberto Mancini looked after him almost as a father would and it's a pity he hasn't realised just how many great things he could achieve."
Balotelli will miss the club's next three games after the FA decided not to take further action against him after his challenge on Alex Song.