The Barcelona star has been chosen ahead of Fernando Torres for La Roja, whilst Federico Balzaretti makes way for Ignazio Abate in the Azzurri starting XI
Vicente Del Bosque has opted for the Barcelona midfielder in place of the Chelsea man, to play alongside David Silva and Andres Iniesta in the front three.
Elsewhere, they are unchanged from the team that beat Portugal in the semi-final. Xavi, Xabi Alonso and Sergio Busquets make up the midfield triumvirate. Whilst the back five comprise of Iker Casillas in goal, Alvaro Arbeloa and Jordi Alba at full-back, and Sergio Ramos and Gerard Pique at centre-back.
For Italy, they make just one chance from the starting XI that beat Germany in their semi-final. Ignazio Abate has recovered sufficiently from a hamstring injury to replace Federico Balzaretti at right-back.
The Milan defender will join Gianluigi Buffon, Andrea Barzagli, Leonardo Bonucci and Giorgio Chiellini at the back, with Daniele De Rossi, Claudio Marchisio and Andrea Pirlo making up a midfield three.
Just in behind the strikers is Riccardo Montolivo, and he will look to support Antonio Cassano and Mario Balotelli up front.
Spain (4-3-3): Casillas; Arbeloa, Ramos, Pique, Jordi Alba; Xavi, Xabi Alonso, Busquets; Iniesta, Fabregas, Silva
Subs: Valdes, Reina, Albiol, Javi Martinez, Juanfran, Cazorla, Jesus Navas, Pedro, Torres, Negredo, Mata, Llorente
Italy (4-3-1-2): Buffon; Abate, Barzagli, Bonucci, Chiellini; De Rossi, Pirlo, Marchisio; Montolivo; Cassano, Balotelli
Subs: Sirigu, De Sanctis, Ogbonna, Balzaretti, Thiago Motta, Giaccherini, Giovinco, Nocerino, Di Natale, Borini, Diamanti