Italy have risen two spots in the FIFA World Ranking to 14th place, while Egypt climb into the top 10.
The Azzurri had been languishing in 16th since the dismal 2010 World Cup campaign.
Recent Euro 2012 qualifiers have boosted their standing with a climb of two places to 14th.
Elsewhere, Egypt have climbed into the top 10, replacing Russia.
Reigning world and European champions Spain are still the leaders, followed by Holland and Brazil.
Germany are in fourth, then Argentina, Fabio Capello's England, Uruguay, Portugal and Croatia.