Italy coach Cesare Prandelli stated Spain are the favourites.
"I am grateful for their respect, but we have the same feelings towards them," replied captain Casillas in his Press conference.
"Italy are a great side and showed they are worthy finalists by proving their quality. There is no surprise in them being in the Final. They played their own way, showed their characteristics and have a strong squad who know how to play.
"We never go into a Final thinking we are favourites, quite the opposite. I'd say we are equals.
"These four years have seen us achieve something nobody would expect, as we'd never done that before, nor did we think we'd win the Euros and World Cup. The evolution of the team and the consistency are clear to see, but we can make more history.
"The penalties against Portugal were a lottery and we could've gone out, but we are in the Final and will try to defend the title we won four years ago."