The world champions were drawn with Egypt in Group B of the tournament, which will take place in South Africa in June next year.
"Do not forget, Egypt are a very dangerous side in that competition," Lippi, the 2006 World Cup winning coach, told Rai Sport.
The Pharaohs faced Italy on four occasions – 1920, 1928, 1953 and 1954. The Azzurri won those matches by big margins, including an 11-3 drubbing of Egypt.
Group B also features Copa America winners Brazil and the United States.
"I had dreamed before the 2006 World Cup in Germany of facing Brazil in the Final, but our paths did not cross."
"Now it will be a pleasure to meet them both in February's friendly and the Confederations Cup," Lippi added.
Lippi said recently that he will give Italy youngsters the chance to shine in the Confederations Cup.