Both sides qualified for Euro 2020 after topping their respective groups, with Italy qualifying with a perfect record of 10 wins in 10 games.
The fixture will be played exactly two years to the day since they last played out a 1-1 draw at the same venue. England also host Denmark, whom they last played in March 2014, four days later at Wembley.
England are in Group D at Euro 2020 along with Croatia, the Czech Republic and a yet-to-be decided play-off winner.
Italy are in Group A with Wales Switzerland and Turkey, whom they face in the tournament opener in Rome on June 12.