De Rossi wasted a golden chance to put his side ahead when he hooked wide after Claudio Marchisio headed Hart’s punched clearance into the box.
Hart then rescued England with a fine double save, parrying De Rossi’s long-range effort, before blocking Balotelli’s follow-up. Montolivo shot over the bar and England breathed again.
Hodgson made a positive double substitution on the hour, bringing on Andy Carroll for Danny Welbeck and replacing James Milner with Theo Walcott.
The changes had little effect, though, with England unable to exploit Walcott’s pace, leaving the Arsenal winger a frustrated spectator.
Prandelli, meanwhile, rang the changes for Italy, bringing on Diamanti for Cassano and Nocerino for De Rossi.
Diamanti was soon into the action testing Hart with a firm low shot. Nocerino also had a chance to snatch victory two minutes from time, latching onto Marchisio’s lovely pass, only for Johnson to block.
Italy again dominated in extra-time, Diamanti’s curling cross eluding the entire England defense and hitting the post.
Then, with five minutes remaining, Nocerino had the ball in the net from Diamanti’s cross, only to be correctly ruled off-side.