Italiano leads Bologna tonight in the Coppa Italia final against AC Milan.
Cannavaro said: "What would it mean for the two teams to win the trophy? Milan to redeem a season with ups and downs, (Sergio) Conceicao is a coach who has won a lot in recent years in cups and in the league and will certainly have to win to save the season.
"Bologna has not been in a final for 51 years and wants to write a new page in history. It will be beautiful for this reason."
Italiano enters the final having lost three with Fiorentina, but Cannavaro says: "He is a coach who in these years has done truly exceptional things. The results in our championship count, but the work he has done in these years remains."
He added, "Winning in the province, let's say, is worth double. These are trophies that Juve, Milan, Inter, and in recent years Napoli usually win. Bringing the cup home to Emilia would be worth double."