Balotelli, who recently indicated he was not happy with life at Manchester City, and Antonio Cassano, who is out of favour at AC Milan, are two surprises in the squad for the match.
Roma star Daniele De Rossi and Napoli keeper Morgan De Sanctis have been included in the squad after missing the team's last two matches, while Liverpool's Alberto Aquilani has also been named.
Cesare Prandelli has decided to call up two players from Serie B; Torino defender Angelo Ogbonna and Sampdoria midfielder Angelo Palombo.
Italy's last match ended in frustration, as the 2006 World Cup holders were defeated 2-0 by the Republic of Ireland on June 7.
Italy squad in full:
Goalkeepers: Buffon (Juventus), De Sanctis (Napoli) Sirigu (Paris Saint-Germain)
Defenders: Balzaretti (Palermo), Bonucci (Juventus) Cassani (Palermo), Chiellini (Juventus), Criscito (Zenit St Petersburg), Maggio (Napoli), Ogbonna (Torino), Ranocchia (Inter)
Midfielders: Aquilani (Liverpool), De Rossi (Roma), Marchisio (Juventus), Montolivo (Fiorentina), Thiago Motta (Inter), Nocerino (Palermo), Palombo (Sampdoria), Pirlo (Juventus)
Forwards: Balotelli (Manchester City), Cassano (AC Milan), Giovinco (Parma), Pazzini (Inter), Rossi (Villarreal).