The Azzurri are widely considered to be one of the best national teams in world football, but their fall from grace in the last few years has been truly shocking. They are the second most successful team in the history of the FIFA World Cup with four titles to their name, having even won consecutive titles in 1934 and 1938.
After winning it for the fourth time in 2006, they were knocked out in the group stage in both 2010 and 2014, marking their worst ever campaigns since 1974. To make matters worse, they humiliatingly failed to qualify this year, as Sweden sent them packing in the playoffs.
Thanks to their ageing group of legendary stalwarts, many of whom called time on their tenure in the national team after the two-legged defeat to Sweden, new Italy boss Roberto Mancini has a massive task on his hands.
Even as Italian football takes its next big step towards a future without Buffon, without Chiellini, and several other superstars, we take a look at the ten best players to have donned the blue shirt.
10. Alessandro del Piero
Possibly the most technically gifted Italian player of all time, Alessandro del Piero operated mainly as a deep-lying forward throughout his career. Having barely established himself in Padova's senior team in Serie B, del Piero was scouted and signed by Juventus for a mere €2.58 million in 1993.
Over 19 incredible seasons in Turin, he won 6 Serie A titles, 1 Coppa Italia and 1 Champions League title. He also won league titles in 2005 and 2006, which were later revoked owing to the Calciopoli scandal.
As part of a star-studded squad that consisted of Buffon, Trezeguet, Nedved and Chiellini among others, del Piero top-scored for Juventus, as the Turin giants stormed through the second division to earn an immediate promotion to Serie A in 2007.
He is the 10th most capped player for Italy, with 91 caps. He scored 27 goals for them, including a semi-final goal in a 2-0 win against Germany in the 2006 World Cup. He also scored a penalty in the shootout against France in the final.
After representing Sydney FC and Delhi Dynamos towards the end of his career, del Piero announced his retirement in 2015.
9. Francesco Totti
The classic one-club man, Francesco Totti came to personify Roma during his 26-year reign in the Italian capital.
While there are several other distinguished players (Scholes, Iniesta, Xavi) to have represented their boyhood clubs throughout their career, Totti stands out from the rest because he was easily good enough to have served a much better club than Roma.
The fact that he chose to turn down the likes of Real Madrid has etched his name in the annals of Rome's footballing history.
Known for his adaptability in attack, Totti could play anywhere across a front line, or further deep as a number 10. Known for his ball control, vision, passing range and finishing, he excelled at dictating the play when deployed in midfield.
With Italy, he played an important role in their 2000 and 2004 Euro campaigns and the 2002 and 2006 World Cups. After almost leading his country to glory in 2000 (they lost to France 2-1 in the final), he endured an underwhelming World Cup in 2002, before finally tasting success in 2006.
Partnering Luca Toni in attack in the final against France, Italy went on to win 5-3 in the penalty shootout. After his retirement, he took over as club director of Roma.
8. Sandro Mazzola
Mazzola was an attacking midfielder who played for Inter throughout his career. With his country, he won the Euros in 1968.
Along with coach Helenio Herrera and other iconic players like Luis Suarez, Giacinto Facchetti, Mario Corso and Armando Picchi, Mazzola forged Inter into the best club team of the '60s.
He won four Serie A titles with them, two of which came successively in 1965 and 1966. In the 1964 European Cup, he scored twice against Real Madrid in the final to help Inter win their first continental trophy, a feat that they repeated the very next year.
Mazzola was fast, skilful, tactically intelligent and also had a high defensive work rate. He began his career in central midfield but was later used as a right forward by Herrera.
In 70 caps for Italy, he has 22 goals. After winning the Euros, big things were expected from the Italians in the 1970 World Cup, and they performed incredibly well till the final, as coach Valcareggi rotated between Mazzola and Gianni Rivera, often bringing on the latter to substitute the former.
The tactic, however, did not work in the final, as Brazil ran out 4-1 winners. Mazzola retired in 1977, having served as his club's captain since 1970.
7. Giuseppe Meazza
For most modern football fans, Meazza is a relatively unknown entity, but most Italians know him as the cornerstone of their two maiden World Cup wins in 1934 and 1938.
Meazza was flamboyant on and off the pitch, and played as either an all-out striker or an inside forward for most of his career. Known for his passing, shooting, dribbling and heading, he is Italy's second-highest goalscorer, with 33 in 53 appearances.
Having come through Inter's youth academy, he was incredibly prolific for their youth team, as he even set a record for the most number of league goals in a debut Serie A season, scoring 31 in 1929/30.
With Inter, he won the Serie A that season (which also happened to be the league's inaugural year). He later went on to win it two more times.
After an injury restricted his playing time in 1938/39, he transferred to AC Milan the next season. He then went on to represent Juventus and Atalanta as well, before returning to Inter for a second spell as player-manager in 1946.
6. Andrea Pirlo
If a player has represented AC Milan, Inter Milan and Juventus in his career, and is still highly respected by all three groups of fans, you know he has to be something special.
Pirlo played for the youth teams of Flero, Voluntas and Brescia, before finally breaking through to the latter's senior team, where he earned the distinction of being their youngest player ever in Serie A.
Inter's manager Mircea Lucescu spotted his talent and signed him in 1998, although he was initially loaned out to Reggina and Brescia. He never really made an impact at Inter, and AC Milan capitalised by splashing out €17 million in 2001.
At Inter's city rivals, he was a mainstay for ten seasons, winning 2 Serie A titles, and 2 Champions League titles. Milan then went on to repeat Inter's mistake, letting him leave to Juve for free when he entered his 30's.
At Juventus, he continued to perform at the highest level, winning four consecutive Scudettos. He eventually moved on to MLS side New York City, retiring in 2017.
Renowned for his passing accuracy and vision, Pirlo played as a deep-lying playmaker for most of his career. With 116 caps for Italy, he was also their midfield general as they went on to win the 2006 World Cup, bringing it home after 24 years.
5. Roberto Baggio
Roberto Baggio is possibly one of the best attacking Italian players of all time - his vision, creativity, passing and finishing were unrivalled in an era of dominance in the '80s and '90s.
As he made his way through the academies of Caldogno and L.R. Vincenza, Fiorentina signed him for £1.5 million in 1985, which at that time was a considerable amount to invest on an exciting 18-year-old talent.
Despite his time in Florence being affected by injuries, he is now considered as their best player. His form earned him an £8 million move to Juventus in 1990, a world record fee back then. He inherited the prestigious number 10 shirt from Michel Platini.
It was in Turin throughout five seasons when he indeed became one of the world's best.
Even though he has only one Serie A title to his name and never won the World Cup (Italy came second in '94 and third in '90), he inspired an entire generation of Italians with his style of play.
4. Fabio Cannavaro
Cannavaro, who is the current manager of CSL side Guangzhou Evergrande, is the second most capped Italian player of all time (with 136 caps).
One of the best centre-backs the game has ever seen, Cannavaro spent most of his career in Italy after coming through Napoli's youth system. He was a part of the famous Parma side of the '90s that won a UEFA Cup and two Coppa Italia titles. Still, despite going on to represent sides like Inter and Juventus, Cannavaro never won the Serie A.
He led the Italians to their 2006 World Cup win, where he was given the nickname "The Berlin Wall". He was part of an incredible Italian defensive lineup that kept five clean sheets and conceded only two goals.
He was also the last defender to win the Ballon d'Or in 2006, and also the only one in the 21st century, and that itself is proof of his legendary status.
3. Franco Baresi
The enigmatic sweeper/centre-back played for AC Milan throughout his 20-year career and is among the greatest players of the 20th century.
Having made his way up the ladder at Milan, he made his first-team debut at the ridiculously young age of 17. In the 1978/79 season, at 18 years old he was already a first-team regular in one of the best club teams at that time.
He won 6 league titles with his boyhood club, even winning the European Cup thrice. In 1982, he was part of the squad that won the World Cup after 44 years, although he never played a match.
It was only in the mid-eighties when he became a regular in the national squad. He came close to winning the World Cup as a regular squad member in 1990 and 1994, finishing 3rd and 2nd respectively.
He ended his career at the age of 37, and Milan retired the famous number 6 shirt in his honour.
2. Paolo Maldini
One of the greatest defenders of all time, Maldini, like Baresi, only played for AC Milan throughout his career, and even took over the captaincy when the latter retired.
He won a mind-boggling 25 trophies with them in 25 seasons in one of the most successful periods in the club's history.
His five Champions League titles with Milan is the second highest in terms of players, recently equalled by Cristiano Ronaldo. He also won the Serie A 7 times.
He made his AC Milan debut at just 16 years old and went on to become a regular when he was 17, starting as a right-back before being shifted to the left despite being naturally right-footed.
His technical ability, stamina and anticipation helped him excel as a fullback and a wing-back. Still, he also played as a centre-back as he began losing his speed towards the end of his career.
He has 126 caps for Italy, even captaining them from 1994 until his retirement in 2002. A trophy with the national team is the only thing missing from his cabinet, although he came agonizingly close in 1994, losing to Brazil in the final.
1. Gianluigi Buffon
For a nation that prides itself for its defensive flair and solidity, it is only fitting that Italy's greatest ever player and record appearance maker (176 caps) is one of the greatest goalkeepers to have ever played the beautiful game.
After Buffon became a regular for Parma in the late '90s, Juventus paid them €52 million in 2001 to make him the most expensive goalkeeper of all time.
Even as veteran goalkeeping stars like Cech and Casillas became the second choice at their clubs in their late 30's, Buffon has incredibly managed to retain his place at the age of 40 in a Juventus team that has arguably been the best defensive team in Europe over the last decade or so.
When he announced his departure from Juventus in 2018, it signalled the end of an era in Turin, an era that saw seven successive Scudettos, and innumerable personal honours for Buffon, in what has been one of the most successful periods in the club's history.
After a brief stint with Paris Saint-Germain, Buffon returned to Juventus in 2019 and remains part of their first-team squad at the age of 42. As fans all over the world wait with bated breath to see the next step in Gigi's career, his legacy is one that will linger for decades to come.