Moise Kean scored twice in Italy's 5-0 over Lithuania as Pablo Fornals and Ferran Torres scored in either half to earn a 2-0 win for Spain in Kosovo.
Gianluigi Buffon and Gianluigi Donnarumma, two of the greatest goalkeepers have served Italy with distinction.
Having finished ninth in Rio, the Italians will rely on their main medal contenders in fencing, track cycling, among other sports to finish higher in Tokyo.
English football fans turned violent after the national team lost 3-2 on penalties against Italy in the title clash at the Wembley Stadium.
Luis Enrique praised the performance of Pedri in Spain's semifinal loss to Italy, comparing the 18-year-old to Barcelona great Andres Iniesta.
Spain was by far the better team in the contest but it was just not to be for Luis Enrique's men as Morata failed to convert his penalty.
Italy take on Spain in the semi-finals of Euro 2020 at Wembley stadium on Tuesday took a book a place in the final against either England or Denmark.
The victory means that the Azzurri are now unbeaten in 32 fixtures and will be looking to win their second-ever European title.
Belgium will take on Italy in the quarter-finals of Euro 2020 on Friday at Allianz Arena.
Italy beat Austria 2-1 at Wembley on Saturday courtesy of extra time goals from Federico Chiesa and Matteo Pessina to book a spot in the last-8 of Euro 2020.