When: Friday, July 2, 8pm BST
Where: Munich, Germany
How to watch: BBC
Before the start of Euro 2020, Belgium were third favourites to lift the Henri Delaunay trophy at 6/1.
One major reason behind that drifting price is the uncertainty over the injured Kevin De Bruyne. The other is the draw. In order to get to the showpiece, Belgium will have to end Italy's 31-game unbeaten run before potentially taking on Spain in the semi-final - a side they haven't beaten since 1986.
History, however, is on Italy's side, with Belgium only managing one win from six competitive games against Gli Azzurri.
Last three matches
Belgium 0-2 Italy (Euro 2016 - June 13, 2016)
Italy kicked off their Euro 2016 campaign with a 2-0 win over Belgium.
Emanuele Giaccherini opened the scoring in the 32nd minute as Italy took their lead into half-time.
Belgium failed to come up with a response and the Italians sealed all three points when Graziano Pelle scored a second in the 93rd minute.
Belgium 3-1 Italy (Friendly - November 13, 2015)
During a much anticipated friendly, it was Belgium who reigned supreme with a 3-1 win over Italy.
Antonio Candreva put the visiors ahead in the third minute but things quickly went downhill from there.
Jan Vertonghen levelled the scores 10 minutes later before Kevin De Bruyne and Michy Batshuayi sealed the win with two second-half goals.
Italy 3-1 Belgium (Friendly - May 30, 2008)
When the two nations clashed in a friendly 13 years ago, it was the Italians who enjoyed a comfortable victory.
Antonio Di Natale scored a first-half brace before Mauro Camoranesi gave the hosts a three-goal lead.
Wesley Sonck pulled a goal back for Belgium in stoppage time.
Last 10 head-to-heads
Belgium wins: 2
Italy wins: 5
Belgium goals: 10
Italy goals: 14
Italy must win Euros to reach iconic milestone
Mancini is on the brink of achieving a truly special milestone with the Italian national side.
As things stand, his team have gone 31 games unbeaten. That currently puts them joint-third - with Argentina - on the list of longest unbeaten runs in international soccer.
Brazil and Spain are joint-leaders with 35 games each. That means Italy are just five matches away from setting one of the greatest records in world soccer.
In spite of those impressive numbers, Italy's focus is set on more important matters - winning a major international honour.
Italy stormed through the group stages with ease and despite a tough knockout clash with Austria, many still consider Mancini's men as the team to beat in the tournament.
Having conceded just one goal in 12 games, Italy's defence seems impervious. However, with the in-form Romelu Lukaku coming to town, the back line, led by Leonardo Bonucci, will need to be at their absolute best.
Italy's Euro 2020 results
Can Belgium finally produce on the big stage?
The talk around Belgium's golden generation has been ongoing for years. Problem is that for all the talk, the Red Devils haven't exactly delivered when it comes to silverware.
Back in 2018, the team came close to changing that when they finished third at the World Cup in Russia.
In truth, Belgium have been on an incredible run since that tournament. Out of their last 34 games, Belgium have only lost twice - to England in 2020 and Switzerland in late 2018.
What's more, they're currently enjoying a strong run in these European Championships having won all four of their games, scoring eight goals and conceding just once.
Friday's game will provide Belgium with their biggest test since that World Cup defeat to France.
Belgium's Euro 2020 results
The obvious protagonist in this market is Romelu Lukaku. Having scored three goals in the tournament already, the Belgium forward is well in contention for the Golden Boot.
However, at around 9/5, Lukaku doesn't exactly leap off the page with regards to value.
Instead, we like the look of Thorgan Hazard. The Borussia Dortmund player has two goals to his name at Euro 2020 and is priced at 6/1 to get on the scoresheet again.
Italy's goals, meanwhile, have come from across the team, with Ciro Immobile, Manuel Locatelli and Matteo Pessina all having scored twice at the tournament.
However, our tip is to back Federico Chiesa to score anytime at 31/10. The Juventus man came off the bench to secure Italy's win over Austria and is sure to be given an opportunity at some stage to repeat that feat in Munich.
* Odds correct at time of publication