The prospect's easy knockout victory over Dillian Whyte last weekend has led to calls for a world title shot but Hatton has stressed the need for caution as the youngster plots his career.
The Hitman told BBC Sport: "I think they might have stepped him up a bit too quick.
"It was a very experienced performance, way beyond his years.
"They're talking about Usyk next, woah, let's just hold fire there just a little bit.
"Usyk will only have a couple (more fights). If you look at the heavyweights coming through, it's wide open for Itauma and I think he can clear up."
Itauma, 20, has only had 13 fights so far in his career and Hatton called for the Brit to take the domestic route as his next move.
Suggesting potential opponents, the former world champion said: "Fabio Wardley or Frazer Clarke, which are good domestic fights.
"Fighting domestic fights to get your fanbase rising. He has got his fanbase rising all the time, but I think that's what I'd do.
"Hold fire with Usyk because he's going to get even better, so why fight him now? Get a bit better and then fight him."
Hatton, 46, is set to return to boxing for a fight against Eisa Al Dah in Dubai this December and has urged his fans not to fear for him in the ring.
The boxer – who turns 47 in October – said: "Manny Pacquiao went straight in and fought for a world title (aged 46). A former foe of mine (44-year-old) Paulie Malignaggi is doing a bare-knuckle fight.
"I know people are worried because I am so well loved and liked, but you don't have to worry.
"I know what fights are in my capabilities and which fights aren't. And this one is within my capabilities."