Italy and Manchester City striker Balotelli performed well at Euro 2012 as he scored three goals, including two in the semi-final victory over Germany.
Italy eventually finished as runners-up after losing 4-0 to Spain, but Di Canio does not believe Balotelli should feel too good about himself.
The Swindon manager was more impressed by Antonio Cassano and feels Balotelli needs to learn to be more of a team player.
"Balotelli is just selfish. He deserves a lot of slaps," fellow Italian Di Canio is quoted as saying in The Sun.
"Against Germany he did two good things but in the end I saw a player who was just waiting to celebrate.
"Balotelli does not play for the team, only for himself.
"He is an egotist, who thinks the world revolves around him.
"Guys like Balotelli deserve lots of slaps rather than pats on the shoulder. Antonio Cassano led the team to the final."
Chelsea won the Europa League on Wednesday. The Blues defeated Benfica 2-1 on injury time goal from Ivanovic.
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