The Italians advanced to the final courtesy of a penalty-shootout victory over Spain, with the two teams playing out a 1-1 draw over the course of 120 minutes.
England, meanwhile, recorded a 2-1 victory over Denmark on Wednesday, with Harry Kane coming up with the vital goal after seeing his initial spot kick saved by fellow Premier League player Kasper Schmeichel.
The Three Lions will be bidding to win their first piece of major international silverware since 1966, while Italy will be aiming to secure their first trophy since lifting the World Cup in 2006.
Unlike England, Italy have won the European Championship – triumphing in 1968 – while they reached the final of Euro 2012 before losing to Spain.
Some of Europe's finest players will be on display at Wembley this weekend, and with that in mind, Sports Mole chooses a combined XI, selecting players that will be available for the contest in London.
Jordan Pickford has put some difficult club form behind him to enjoy an excellent Euro 2020 for England, but it is difficult to look past Gianluigi Donnarumma, who is a towering presence between the sticks. The 22-year-old has been one of the best goalkeepers at this summer's competition and just about gets the nod over Pickford, who deserves a lot of praise for his form at the tournament.
The back four, in truth, was not that difficult to choose. Leonardo Spinazzola would have been in the side had he been available, but the 28-year-old picked up an Achilles injury in the quarter-final against Belgium and has been ruled out for the next six months or so after undergoing an operation.
There are three England players in defence, with Kyle Walker impressing at right-back with his pace and power, while Manchester United duo Harry Maguire and Luke Shaw have both been excellent. Maguire missed the start of the tournament through injury but has been a towering presence since his return, while Shaw has been one of the standout players at the tournament, producing three assists in five appearances.
There simply had to be room in the team for Giorgio Chiellini, who just gets the nod over fellow Italy centre-back Leonardo Bonucci. Chiellini personality and character has been vital for his country this summer, and he has put in towering performances in the last two matches against Belgium and Spain.
In midfield, Declan Rice has been excellent for England, with the 22-year-old showcasing his skills at the highest level. Rice has started all six of his country's matches and is selected ahead of Kalvin Phillips, who deserves a special mention for his strong form at this summer's tournament.
There are two Italian midfielders in the side, and it was very difficult to leave out Jorginho considering his performances at Euro 2020. Nicolo Barella has come up with one goal and two assists for Roberto Mancini's side, though, and the 24-year-old's displays have been vital for the Euro 2020 finalists.
Marco Verratti, meanwhile, has provided two assists in four appearances for Italy, with his fitness being managed following a knee problem. The 28-year-old was particularly impressive against Spain in the semi-finals and could have a huge say on the outcome of the clash with England.
Raheem Sterling has been one of the players of the entire tournament, with the 26-year-old starring for England, scoring three times and providing one assist in six appearances. Sterling might not have been at his best for Manchester City last season but has shown his importance to the Three Lions this summer.
Harry Kane, as expected, sails into the starting XI; there was criticism of the Tottenham Hotspur forward earlier in the tournament, but he has now scored four times in his last three appearances against Germany, Ukraine and Denmark, and the 27-year-old will be desperate to lead his country to glory.
There were a number of options for the final spot in the front three, but Lorenzo Insigne deserves to be included considering his form this summer. The Napoli attacker has struck twice in five outings for his country at Euro 2020 and will be looking to add to his 10 international goals in the final at Wembley.