The visitors are looking to end an eight-game winless run, while the world's lowest-ranked side enter the contest off the back of 17 consecutive defeats.
Match preview
Despite finishing bottom of their League D group in the 2020-21 edition of the Nations League, San Marino managed to pick up two points in that campaign, which came courtesy of draws against Liechtenstein and Gibraltar.
Those draws would have given San Marino a small confidence boost ahead of the current Nations League campaign, but their first two outings have proven to be fruitless.
After losing 2-0 to Estonia in the opening matchday, the international minnows came out on the wrong side of another 2-0 scoreline on Sunday, as second half strikes from Jan Busuttil and Matthew Guillaumier helped Malta claim all three points.
Following their 17th consecutive defeat, San Marino will now turn their attention to a friendly encounter with a nation ranked 148 places above them.
Although claiming a positive result may prove to be a step too far, the hosts will be hoping to continue a run of close encounters, after losing their last four matches by two goals or fewer.
Iceland, meanwhile, may welcome a friendly meeting against the lowest-ranked side in the world, with the visitors looking to end an eight-game unbeaten run.
Their last win came back in October 2021, but since the 4-0 victory over Liechtenstein, Arnar Vidarsson have drawn five matches, while falling to defeat on three occasions.
They enter Thursday's contest off the back of consecutive draws after beginning their Nations League campaign with a 2-2 draw against Israel before taking a point from their home encounter with Albania on Monday.
Taulant Seferi struck on the half hour mark to give Albania a half time lead, but Jon Dagur Thorsteinsson managed to grab an equaliser four minutes after the restart, ensuring the spoils were shared.
Iceland will now be aiming to end a year-long wait for an away victory after failing to win any of their last six away games.
San Marino International Friendlies form:
San Marino form (all competitions):
Iceland International Friendlies form:
Iceland form (all competitions):
Team News
With one more Nations League game left to play in the current international window, the hosts could freshen up their side by making a number of changes.
Fabio Tomassini, Tommaso Zafferani and Jose Hirsch could all be presented with starting opportunities for Thursday's contest.
Meanwhile, Nicola Nanni is set to lead the line for San Marino, with the 22-year-old looking to find the net for just the second time for his country.
As for the visitors, they could give a number of fringe players some playing time before they play face Israel in the Nations League on Monday.
Ingvar Jonsson may be given a starting opportunity in goal, while Valgeir Lunddal Fridriksson and Atli Barkarson could slot in at right-back and left-back respectively.
There could also be places in the side for Mikael Anderson and Hakon Arnar Haraldsson, who both came off the bench to feature in the 1-1 draw against Albania.
San Marino possible starting lineup:
Benedettini; Cevoli, Rossi, Palazzi; Zafferani, Tomassini, Mi. Battistini, Golinucci, Ceccaroli; Hirsch; Nanni
Iceland possible starting lineup:
Jonsson; Fridriksson, Magnusson, Gretarsson, Barkarson; Johannesson, Bi. Bjarnason, Haraldsson; Sigurdsson, Anderson; A. Gudjohnsen