Neither nation could make it into the final in Brazil, but Suarez has insisted that the Azzuri have plenty of attacking threat, despite Mario Balotelli's absence through injury.
"Even if they do not have Balotelli, there are a lot of players of the same quality, like [Sebastian] Giovinco," Suarez told Globoesporte.
"Besides, Italy are always the same. They love to exploit the space left by opponents. If we do not play a great game, they can hurt us."
Spain and hosts Brazil will fight it out for the trophy.