A multi-level sigma-delta Analog-to-Digital converter (200; 300) comprising: - a direct path having an input terminal to receive an input analog signal and an output terminal to provide an output digital signal corresponding to said input analog signal, said direct path comprising: - a computation block arranged to receive a first analog signal representative of the input analog signal and to provide an analog computed signal; - a first order analog integrator having an input terminal operatively associated to the computation block to receive the analog computed signal and an output terminal to provide a third analog signal, - a quantizer being a multi-level quantizer and (3; 3') having a respective input terminal (I3; I3') operatively connected to the output terminal of the first order analog integrator and a respective output terminal (03; O3') operatively connected to the output terminal of the direct path, said multi-level sigma-delta Analog-to-Digital converter (200; 300) being characterized in that said direct path further comprises: - a first amplification block (A2; A2') interposed between said computational block and the input terminal (I3; I3') of the quantizer (3; 3'), said first amplification block (A2; A2') being connected in series with said first order analog integrator; - a digital -integrator block interposed between the output terminal (03; O3') of the quantizer (3; 3') and the output terminal of the multi-level sigma-delta Analog-to-Digital converter (200; 300), the digital integrator block being configured so that an output digital sample Y, of the output digital signal, present at the output terminal of the direct path is added back directly at the output terminal (03; O3') of the quantizer (3; 3'), and in that said multi-level sigma-delta Analog-to-Digital converter (200; 300) further comprises a first feedback path arranged to provide to the computation block a feedback analog signal representative of a digital signal corresponding to a further output digital sample Y(N-1), of the output digital signal, present at the output terminal (03; O3') of the quantizer (3; 3'), said computation block being arranged to subtract said feedback analog signal from the first analog signal so that the feedback analog signal representative of the digital signal corresponding to the further output digital sample Y(N-1), of the output digital signal, present at the output terminal (03; O3') of the quantizer (3; 3') is subtracted from the first analog signal, said first feedback path comprising an amplification block (A0; A0') having a respective gain factor (1/K2; 1/4K2), said first amplification block (A2; A2') of the direct path having a respective gain factor (K2; 4K2) which is the inverse of the gain factor (1/K2; 1/4K2) of the amplification block (A0; A0') of the first feedback path. - a direct path having an input terminal to receive an input analog signal and an output terminal to provide an output digital signal corresponding to said input analog signal, said direct path comprising: - a computation block arranged to receive a first analog signal representative of the input analog signal and to provide an analog computed signal; - a first order analog integrator having an input terminal operatively associated to the computation block to receive the analog computed signal and an output terminal to provide a third analog signal, - a quantizer being a multi-level quantizer and (3; 3') having a respective input terminal (I3; I3') operatively connected to the output terminal of the first order analog integrator and a respective output terminal (03; O3') operatively connected to the output terminal of the direct path, - a first amplification block (A2; A2') interposed between said computational block and the input terminal (I3; I3') of the quantizer (3; 3'), said first amplification block (A2; A2') being connected in series with said first order analog integrator; - a digital -integrator block interposed between the output terminal (03; O3') of the quantizer (3; 3') and the output terminal of the multi-level sigma-delta Analog-to-Digital converter (200; 300), the digital integrator block being configured so that an output digital sample Y, of the output digital signal, present at the output terminal of the direct path is added back directly at the output terminal (03; O3') of the quantizer (3; 3'),