The AC Milan coach has urged his striker to step up his game, but is confident he will start delivering once he returns to full fitness
Balotelli recently made his comeback after a lengthy spell on the sidelines due to a groin injury, but has yet to make a major impact.
The 25-year-old netted the winner in the Coppa Italia semi-final first leg victory over Alessandria, but has not scored in five substitute appearances in Serie A since his comeback and again failed to impress in Milan's 1-1 draw with Udinese at the weekend.
Mihajlovic has now admitted that he is not satisfied with Balotelli's form, but is confident the striker will start delivering again when he returns to peak fitness.
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"I expect more from Balotelli and that will come when his fitness gets better," Mihajlovic told reporters.
"His fitness has already improved and he did what he had to do.
"But you can see that he is not the real Balotelli yet. There is still something missing physically."
Balotelli has netted twice in 10 appearances in all competitions for Milan this campaign.
His last goal in Serie A dates back to September 22 last year, when he scored in the 3-2 win over Udinese.