La Roja emerged winners back in 2021, before then falling to France in the final. On this occasion, the victor will progress to meet either the Netherlands or Croatia in Sunday's decider.
Match preview
A tumultuous 12 months for Spain began this time last year with two draws and two wins to start their Nations League campaign, and though they lost their first September fixture to Switzerland, subsequent events in Braga saw them seal a place in the final four.
Coming within minutes of missing out on a second successive semi-final appearance, La Roja were indebted to a late Alvaro Morata strike to pip Iberian rivals Portugal to top spot in League A Group 2. However, defeat in Switzerland was Spain's first at home since 2018 and offered the first signs that Luis Enrique's time in charge may not reach a successful conclusion.
After an unimpressive World Cup campaign in Qatar, where his side squeezed into the knockout rounds before being eliminated by Morocco, the ex-Barcelona boss was replaced by former Under-19 and Under-21 coach Luis de la Fuente.
The latter's start to life in the Spanish hotseat did not go altogether smoothly, as the qualification process for Euro 2024 kicked off with victory over Norway before a deserved defeat in Scotland highlighted old failings.
Now, De la Fuente - a former Athletic Club full-back during his playing days - will oversee only his third match in charge of Spain's seniors, and victory would see them just 90 minutes from lifting some silverware on Sunday.
Once again, La Roja encounter an Azzurri obstacle in the Nations League semis, having ended Italy's world-record 37-match unbeaten streak in 2021 to gain passage to the final. However, they then fell at the final hurdle.
Indeed, Spain and Italy are no strangers to each other, as Roberto Mancini's men also edged out their Mediterranean neighbours en route to European Championship glory in the summer of 2021.
However, since such heady days, the Azzurri have suffered yet more World Cup heartbreak, with Mancini even seeing his position as head coach come under threat at one stage: failing to qualify for Qatar 2022 due to a playoff loss against North Macedonia brought damnation, while being thumped by Argentina in the Finalissma certainly did not help.
After then starting sluggishly in their Nations League group, Italy found a formula to overcome both England and Hungary in their last two fixtures to finish first in a section also including Germany, who had convincingly won 5-2 when the teams met in Dortmund.
They therefore secured their berth at a second straight Nations League finals tournament, having finished third on home soil two years ago - after losing to Spain in the semi-finals, they then claimed the consolation of a bronze medal by beating Belgium in Turin.
Once more pitched together with England in Euro 2024 qualifying, Italy lost 2-1 to the Three Lions in March, before beating Group C minnows Malta three days later - new recruit Mateo Retegui, a naturalised Argentinian, scored in both games.
This week, La Nazionale reconvene after seeing three Serie A clubs suffer European final failures at club level - a sobering sight for fans of Calcio. Also beaten in the Under-20 World Cup decider by Uruguay's young guns last weekend, Mancini's senior side must now aim to end that run and restore Italian pride by going all the way in the Netherlands.
Spain Nations League form:
D
D
W
W
L
W
Spain form (all competitions):
W
D
L
L
W
L
Italy Nations League form:
D
W
D
L
W
W
Italy form (all competitions):
W
W
W
L
L
W
Team News
While there will be no Sergio Busquets, Pedri or even Ferran Torres - the matchwinner when these teams last met in the Nations League - and only six of the 2021 finals squad are involved this week, Spain have turned to a familiar face to take the captain's armband.
Luis de la Fuente has recalled Jordi Alba; having missed out in March and been marginalised by Barcelona before soon departing on a free transfer, the veteran left-back will now skipper the side as he wins a 92nd international cap on Thursday.
Capping an excellent few days for the full-back - who recently completed a move to Real Madrid - Fran Garcia has been brought into the squad following the withdrawal of Juan Bernat.
Meanwhile, versatile forward Dani Olmo hopes to recover from a muscular injury sustained in training but may not be risked from the start; Robin Le Normand may celebrate being awarded Spanish citizenship by making his debut in central defence.
Both Domenico Berardi and Monza captain Matteo Pessina will miss out for Italy due to injury, while Roberto Mancini has cut players including Alessandro Florenzi, Mattia Zaccagni and Lecce's Federico Baschirotto, who were all involved in his preliminary squad.
Giorgio Scalvini and Milan midfielder Sandro Tonali have both been demoted to the Azzurrini ahead of the upcoming European Under-21 Championship, but teenage forward Wilfried Gnonto will play in both that competition and the Nations League.
Up front, Mateo Retegui - who earlier this year scored in both of his first two games for the Azzurri - is expected to start, though the 24-year-old striker from Argentinian club Tigre faces fresh competition from Ciro Immobile, now fit after an injury-scarred season.
Spain possible starting lineup:
Simon; Carvajal, Le Normand, Laporte, Alba; Rodri, Zubimendi, Merino; Asensio, Morata, Gavi
Italy possible starting lineup:
Donnarumma; Di Lorenzo, Acerbi, Bastoni, Spinazzola; Barella, Jorginho, Verratti; Chiesa, Retegui, Pellegrini
We say: Spain 1-0 Italy
With both teams searching for certainty amid fluctuating results, their respective coaches could take a more cautious approach - particularly at the end of a long, hard season.