England looked to have carved out a small advantage in the shoot-out, when the Italians missed their first penalty, but Roy Hodgson's men blew their chance with Ashley Cole and Ashley Young suffering the jitters from 12 yards. 

Many fans and pundits had expected the game to go the distance, especially as both sides are known for being quite cautious and well drilled defensively. 

Yet England will rue missing some of the chances that came their way, and for the eight time at major tournament, they have failed to progress to the semi-finals. 

Hodgson's men were well set up and played their part in a see-saw encounter. 

However, Italy came racing out of the blocks in the first half and could have gone ahead after just two minutes, when Daniele de Rossi unleashed a pearler of a shot from outside the area that cannoned off Joe Hart's post. 

England were not deterred, and almost took the lead themselves, when a probing ball by James Milner on the right was met by Glen Johnson, who forced a reaction save from Buffon, who was making his 117th appearance for his country. 

There was a real ebb and flow to the game, with Scott Parker coming close.  After Buffon punched the ball clear, the midfield supremo tried his luck but screwed his shot wide. 

England continued to apply the pressure, but could have gone behind at the break, had Mario Balotelli not blazed over. 

Italy were sensing blood and continued to exert pressure, but couldn't find a breakthrough. 

The game was edging closer and closer to penalties, which was what England looked to avoid at all costs. 

But they were hanging on, and even when the match went into extra-time, they were granted a lifeline when Antonio Nocerino's header was chalked off for offside. 

Italy live to fight another day, but England will think about what could have been.