The striker, currently on loan at AC Milan from Liverpool, has been tipped for a recall from head coach Antonio Conte after his strong displays in Serie A so far this season.
Experienced Udinese striker Di Natale, who played alongside Balotelli at Euro 2012, believes it would be right to take the 25-year-old to France provided he continues to show encouraging form this season.
"When he played against us [in Milan's 3-2 win in September] he was impressive," the 38-year-old told La Gazzetta dello Sport.
"He's beyond discussion. He knows how to get things done.
"I think he'll go in the end because he's strong, even though Conte is right when he says that just a couple of games aren't really enough."
Fabio Quagliarella could make his first Italy appearance since 2010 in their last Euro 2016 qualifier against Norway on Tuesday and Di Natale hopes to see the Torino forward picked for the finals.
"Quagliarella isn't old, but out of the veterans I hope he's the one to make it, because he deserves it," he added.
Italy will finish top of Group H with a draw in Rome.