Both sides have been in impressive form so far in the tournament, progressing from challenging groups en route to reaching the last four.
Although Bergomi feels Cesare Prandelli's side are still capable of causing problems for die Mannschaft, he believes the Germans should still reach the final.
"I think that this will be the biggest hurdle for Germany," the 48-year-old wrote in his column for Kicker. "Because Italy have enough resources to hurt Joachim Low's men.
"But my favourite before the tournament was Germany, and I'll stand by that now. What they have done in recent years is amazing.
"The heart says Italy, but my head says Germany."
|14/1||Italy are 14/1 with Paddy Power to beat Germany 2-1 tonight|
Despite tipping the Azzurri for semi-final heartbreak, Bergomi says that he has been impressed by his countrymen and is predicting a gripping clash.
"The game against England was filled with hope and desire for more. The Azzurri were running like crazy and it showed. They have a strong group, with lots of heart, character, and an outstanding midfield.
"Now, against Germany, a mouth-watering semi-final between the two teams that have given the fans the most joy at the tournament."
Germany and Italy kick off at 20:45CET on Thursday.