La Nazionale face La Furia Roja in the last quarter final this weekend in a game described as the pick of the round.
Luis Aragones' men have been sublime so far and they will try and continue their impressive campaign against the Italians.
However, Riva insists that Spain will be scared of the Azzurri even though the Spanish are adamant that their one touch football will prevail as the war of words begin both teams gathers momentum.
“The moral is very high and we can repeat the victory in 1968,” Riva told Stadio News.
“They (Spain) are a formidable side but looking at the facts, they are more worried than we are, they are scared of us.”
The former Italy international also spoke about Luca Toni's inability to get on the scoresheet thus far.
“What Luca did against France was as if he scored two goals because he got the penalty and Abidal was sent off, does that seem like little?,” said Riva.
“I think history can repeat itself, two years ago we went beyond it.”
The Azzurri have failed to impress in this year's European Championship and they will be hoping their form changes against the Spanish side. David Villa and Fernando Torres will need to be kept on a leash if Italy are to have any chance of success.