Italy are up to sixth in the latest FIFA World Rankings – but still behind the likes of Germany, England and Portugal.
The Azzurri jumped up six places after reaching the Final of Euro 2012, despite their dominant performances against England and Germany in the competition.
Portugal, who fell at the semi-final stages, moved up five places to fifth.
Spain lead the way, ahead of Germany and Uruguay. Brazil, World Cup hosts in 2014, have fallen six places to 11th.
Top 10: 1 Spain, 2 Germany, 3 Uruguay, 4 England, 5 Portugal, 6 Italy, 7 Argentina, 8 Holland, 9 Croatia, 10 Denmark.
Think you know your Italian football? Share your knowledge, tips and comments to win cash prizes in OLBG's tipster competition - £11,000 to be won monthly!