Germany - who are seeking their first trophy since lifting the Euro '96 title - will be by contrast hoping to end that run in what is their eighth meeting at either a World Cup or a European championship finals.
"There is no such thing as an invincible side," said Prandelli. "Germany has that sense of knowing what they need to do. "They are also physically strong and have players who have tasted international success at club level, so they are a side with the ingredients to go all the way. "But we will study them closely and work on the few weak points they have."
Italy needed a penalty shoot-out to beat England 4-2 in Sunday's quarter-final in Kiev with the Azzurri failing to hit the net in normal play despite 68 percent ball possession and 35 shots compared to England's nine.
Prandelli has said the Italians will have to be daring in order to beat Germany, who are on a 15-match winning run in competitive matches since losing to Spain at the last World Cup.
Germany's forwards shone in Friday's 4-2 quarter-final win over Greece and Prandelli is mindful of the risk of pushing too far forward against a German side with the pace to punish on the counter-attack.
Manchester City's Mario Balotelli is one player the Germans have admitted they will pay close attention to after he spearheaded an Italian attack which had periods of impressive form against the Three Lions.
With only a three-day turn-around between the quarter and semi, Prandelli has injury concerns over midfielder Daniele De Rossi and right-back Ignazio Abate, while Italy's other right-back Christian Maggio is suspended.