"After having won the World Cup on penalties, if Euro 2008 also goes to penalties the laws of chance could mean you lose," the Juventus goalie said.
"I think winning again is difficult," added the 30-year old player.
Italy became World Champions after beating France 5-4 on penalties. Roberto Donadoni's men are among the favorites to win the European trophy.
"Getting to the final would already be a good result. We are one of the more serious candidates for overall victory because of the World Cup and therefore it is normal that there are many expectations surrounding us," he said.
The four-time World Champions won the European trophy just once in 1968 and are hoping to clinch the gold again after 40 years.
Italy will have to battle against Netherlands, France and Romania in group C.