The controversial forward reportedly blamed the Azzurri's Juventus players for the loss against Spain, and was quickly told off by his team captain in the dressing room
The Manchester City attacker stormed off the pitch and headed straight for the dressing room immediately after the final whistle was blown, but returned to the field shortly after for the award ceremony.
Nevertheless, he struggled to contain his disappointment when the Italy camp returned to the changing room after the prizes were handed out, and reportedly blamed the Juventus contingent for the Azzurri's heavy loss in the showpiece decider against La Roja.
Buffon took offence to Balotelli's outburst and the Italy captain told off his young team-mate in front of the entire squad.
The squabble between both players allegedly went on for about 10 minutes, before order was restored.