The 42-year-old Rizzoli, an architect from Bologna, will be the third Italian to referee a World Cup final following Sergio Gonella in 1978 and Pierluigi Collina in 2002.
Sunday's final will be the fourth match refereed by Rizzoli in this World Cup. He has featured in the Group B opener between Spain and Netherlands, the third round group match between Argentina and Nigeria and the quarterfinal clash between Argentina and Belgium.
In the three matches Rizzoli officiated, he showed a total of nine yellow cards including one booking for Argentina and four for the Albiceleste's opponents with Nigeria and Belgium each received two. He showed no red card.
The two assistant officials, Renato Faverani and Andrea Stefani, are also from Italy while the fourth official will be Carlos Vera of Ecuador.
Rizzoli started his career as a referee in 1998 in Italian Serie C and emerged to the international level in 2007.
He has refereed in a final in each of the two main European club competitions, including the 2010 Europa League final between Atletico Madrid and Fulham as well as the all-German Champions League final between Bayern Munich and Borussia Dortmund in 2013.