After exiting the competition at the group stage four years ago in South Africa, Buffon believes that the Azzuri have a good opportunity of reaching the final four under the guidance of Cesare Prandelli.
"If we manage to reach the semi-finals that would be a good result," the Juventus goalkeeper told reporters.
"A quarter-final appearance, that is to be expected. Anything else would be a negative experience.
"I say this also because we could meet Spain in the quarters and there would be no shame in going out against them."
Italy will take on England, Uruguay and Costa Rica in Group D.