Aston Villa star Grealish was caught at a late-night party this week.
Grealish has courted controversy for much of the last 18 months or so after being photographed on several occasions either appearing to be drunk or inhaling nitrous oxide.
The latest furore has been sparked by images of him at a late-night hotel party, at which balloons of nitrous oxide were present.
Villa owner Tony Xia tweeted a message to Grealish urging him to choose his company carefully and not waste his talent, but Holloway has now gone further.
The manager and pundit believes there is no use in being as talented as Grealish clearly is if he is not going to be committed to his career 100% of the time.
Holloway told Sky Sports: "On a side note, Jack Grealish needs to sort his life out. There's no use having talent if you're not going be committed to your craft.
"Roberto Di Matteo is the perfect man to deal with him, but you can't make someone listen, he has to want to listen.
"However, the problem is that some of these young kids get too much too soon and they're not taught to listen. The power has gone the wrong way, it's skewed far too much in the favour of the players."
Whether or not too much is made of his off-field actions, there can be no doubt that the focus on his private life does not do any favours for Grealish and Villa as a whole.
The 21-year-old has scored twice so far this season for the Championship club, but was fined £50,000 by Villa for his actions.