It will be Europe against South America in the prestigious youth international competition.
France will take on Colombia in the final of the 2011 Toulon Tournament after defeating Italy 1-0 in the last four on Wednesday evening.
A 62nd minute goal from 20-year-old Lens forward Steven Joseph-Monrose proved to be the difference between the two teams.
Italy created a few chances in the second half and could have equalized late in the match had Alberto Paloschi not squandered an open goal chance.
Italy will now take on Mexico in the third-place playoff on Friday, while later in the evening on the same day France will lock horns with Colombia for the trophy.
The South Americans defeated Mexico 2-1 in the other semifinal earlier today. Edwin Cardona broke the deadlock after 37 minutes, and two minutes into the second-half Valencia made it 2-0. Izazola netted an injury time consolation for Mexico.