It will be the first meeting between two of the giants of world football since Italy beat Germany 2-1 in the semi-finals at Euro 2012 before losing the final to Spain.
Both nations - who between them have won seven World Cups - have already safely qualified for next year's tournament in Brazil and are seen as two of the few teams capable of taking it up to host nation Brazil and fellow South American powerhouse Argentina.
Germany are currently ranked number two in the world by FIFA - behind reigning World Cup champions Spain - while Italy are ranked eighth.
However despite home ground advantage on Friday night in Milan, Italy are the $2.87 underdogs at bet365 while Germany are paying $2.37 - having firmed from $2.50 - with the draw priced at $3.40.
But Italy look worth a bet in this game at home considering Germany will be without injured vice-captain in Bayern Munich midfield star Bastion Schweinsteiger as well as strikers Mario Gomez and Lukas Podolski.
However Germany still have plenty of firepower through Miroslav Klose and midfield stars Mesut Ozil and Thomas Muller but will miss their injured trio, who between them have scored 95 goals for their country.
Germany have incredibly scored at least three goals in each of their past nine matches although one of them resulted in a shock 4-3 loss to the United States.
However Italy have scored two goals in five of their past six matches and look great value at odds of $10 to win 2-1 in correct score betting.
And the $2 on offer at bet365 on there being more than 2.5 goals scored in the match looks tempting given the friendly nature of the match and the fact both teams have been in rich goal scoring form of late.
The other big friendly clash on Friday night sees England hosting Chile at Wembley.
Both teams have qualified for the 2014 World Cup with England having lost just once in 16 matches since bowing out on penalties (as usual) in the quarter-finals of Euro 2012.
And Chile have lost just one of 11 matches this year and are No.12 are ranked just two places below England.
But despite Manchester United pair Michael Carrick and Danny Welbeck having been ruled out due to injury, the Three Lions should win at home at $1.90 with bet365 compared to $4 for Chile and $3.40 for the draw.
And new Ireland manager Martin O'Neill - the highly-respected former Leicester, Celtic, Aston Villa and Sunderland boss - should make a winning start to his tenure at home against minnow Latvia.
Both teams failed to qualify for Brazil but Ireland at No.60 are ranked well above the 117th ranked Latvians and are the dominant $1.33 favourites at bet365 with the visitors paying $8.50 and the draw $5.
*Note prices subject to change