Italy have already earned €16m in UEFA prizes from Euro 2020 and each player has also agreed bonuses depending on how far they go in the tournament.
The Azzurri won all three Group A games, beating Turkey and Switzerland 3-0,then Wales 1-0.
They set up a Round of 16 tie against Austria, to be played in London on Saturday evening.
According to La Repubblica newspaper, Italy have already picked up almost €16m in UEFA prize money thanks to their results at the European Championship.
If they get past Austria and reach the quarter-finals, that will climb to €19m.
Reaching the semi-final would be worth a further €5m, while the losing Finalist will get €7m and the trophy winner €10m.
The players would also be due some of the prize money, between 20-22 per cent of the total sum.
That means the Italy players would receive €200,000 each in bonuses should they reach the Final of Euro 2020.
That is on top of the €30,000 each they’d receive from the FIGC to reach the quarter-final, rising to €150,000 for the semi-final.
Due to superstition, it’s claimed the Italy squad did not want to agree a prize for reaching the Euro 2020 Final, let alone winning the tournament.