The FIGC added that the tournament will be staged across Milan, Turin, Verona, Genoa, Bologna, Florence, Rome, Naples, Bari and Cagliari if the bid is accepted.
"We imagined Italy and European football in 10 years' time, in the knowledge that the positive legacy of such an event would multiply extraordinary opportunities for the entire nation," FIGC president Gabriele Gravina said.
Italy had originally planned to bid to host either Euro 2028 or the 2030 World Cup, but the FIGC said last year that hosting the 2032 European Championship would provide a "wider time window" to modernise the country's stadium infrastructure.
Turkey also submitted a bid to host either the 2028 or 2032 Euros on Wednesday, its sixth successive attempt to host the tournament, while Britain and Ireland submitted a joint bid for Euro 2028.
UEFA said it "will evaluate each of the bids" in coming months, with the European body's Executive Committee to vote on hosting rights for both tournaments in October.
