The controversial Manchester City striker made headlines for the wrong reasons again this week when he was photographed having a training ground bust-up with boss Roberto Mancini.
It is the latest in the long line of disciplinary incidents that have dogged the 22-year-old since his move from Inter in 2011, with his future at the Premier League champions in doubt as a result.
Mancini played down the incident on Friday, but that has not stopped reports linking Balotelli with a move back to Italy.
Rossoneri boss Allegri distanced himself from any move for Balotelli but did warn the forward that he risks wasting his career if he is not careful.
"Balotelli? I don't know if he would be well at AC Milan," said Allegri. "I think Mario should think only about football because he risks ruining his career.
"He is a City player and an Italian football's heritage, he must prove his qualities and this can be done at City, at AC Milan or at Real Madrid."