Italy coach Cesare Prandelli has reduced his 32-man Euro 2012 party to 25 ahead of the deadline for naming the squad on Tuesday.
Among those omitted is Domenico Criscito, the former Genoa player who has been embroiled in a match-fixing probe.
Criscito, who now plays for Zenit St Petersburg, has been questioned by police at Italy's training headquarters in Coverciano, Florence, as part of an investigation carried out by Cremona prosecutors regarding match fixing.
“Criscito will not be with us at the European Championship,” said Italian Football Federation vice-president Demetrio Albertini at a press conference.
“He is disappointed to have caused this situation although he reiterates he has nothing to do with it.”
The other players who have been released are Emiliano Viviano (Palermo), Davide Astori (Cagliari), Salvatore Bocchetti (Rubin Kazan), Luca Cigarini (Atalanta), Ezequiel Schelotto (Atalanta) and Marco Verratti (Pescara).
Prandelli will name his final squad before Tuesday’s international friendly against Luxembourg, although reports suggest the two to miss out will be Angelo Ogbonna (Torino) and Mattia Destro (Siena).
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Current Italy squad for Euro 2012 (two players to be released on Tuesday):
Goalkeepers: Buffon (Juventus), De Sanctis (Napoli), Sirigu (Paris St.Germain)
Defenders: Abate (AC Milan), Balzaretti (Palermo), Barzagli (Juventus), Bonucci (Juventus), Chiellini (Juventus), Maggio (Napoli), Ogbonna (Torino), Ranocchia (Inter Milan)
Midfielders: De Rossi (Roma), Diamanti (Bologna), Giaccherini (Juventus), Marchisio (Juventus), Montolivo (Fiorentina), Thiago Motta (Paris St. Germain), Nocerino (Milan), Pirlo (Juventus)
Forwards: Balotelli (Manchester City), Borini (Roma), Cassano (Milan), Destro (Siena), Di Natale (Udinese), Giovinco (Parma)