Italy have climbed to fifth place in the FIFA World Ranking after their UEFA EURO 2020 victory and 34-match unbeaten run.
Belgium remain the leaders, despite being eliminated from the tournament by Italy in the quarter-finals.
They are followed by Brazil, who lost the Copa America Final to Argentina and France.
Italy are still behind England, the side they defeated on penalties at Wembley Stadium to lift the European Championship trophy last month.
The Azzurri received the biggest boost in points of anyone else in the list, 103 points in just one month, leapfrogging Spain and Portugal, who fall into seventh and eighth place respectively.
Mexico and the USA complete the top 10.