Balotelli has come in for criticism in the wake of Italy's exit at the FIFA World Cup, with their failure to advance from Group D resulting in the resignation of coach Cesare Prandelli.
Italy team-mate Daniele De Rossi appeared to criticise Balotelli following the nation's 1-0 defeat to Uruguay on Tuesday.
And Camoranesi – a World Cup winner in 2006 – has joined the list of disgruntled Italians voicing their displeasure with the 23-year-old striker.
"I firmly believe Balotelli is a very overrated player, both by the media and those who train him," said Camoranesi, who earned 55 caps for Italy between 2003 and 2010.
"It really infuriates me to see someone on the pitch who isn't working as hard as he ought to. I really don't know what his problem is.
"I would've liked to play like Luis Figo, but I became aware of my own limitations. Every now and then I did something stupid too, but I learned from my mistakes."
