Italy are through to the final of Euro 2020 after beating Spain 4-2 on penalties.
It was Chiesa that gave them the lead on the hour when he curled a great effort past Simon into the back of the net but Morata came off the bench to equalise with a cool finish with 10 minutes remaining.
Morata – who had been sprung from the bench in the immediate aftermath of Chiesa’s goal – traded passes with Olmo before slotting home with a finish that sent Donnarumma the wrong way.
Only four players have ever scored more European Championship finals goals than Morata’s six in the history of the competition, while previously only Cristiano Ronaldo had scored three or more goals at more than one Euros tournament.
Neither side could find a breakthrough in extra time and Jorginho netted the decisive penalty in the shootout after Olmo missed and missed and Morata saw his spot-kick saved.
Roberto Mancini’s side were second-best against La Roja in Tuesday’s semi-final, but their shootout win suggests they may well be unstoppable.
From the first night of Euro 2020, Italy have looked the team to beat at this tournament.
And though they had to ride their luck at times against Spain in Tuesday’s semi-final, the Azzurri will be there on the final night of the competition too, their unbeaten run stretched to 33 games and still looking a formidable unit.
Azzurri belief and team spirit instilled in this squad by ex-Manchester City manager has carried them to within reach of just their second European Championship title.
Whether it is Denmark or England who face them back under the arch on Sunday, they will have a major test on their hands in ending the Italian fairy tale.
Gianluigi Donnarumma proved to be the hero against Spain, saving Alvaro Morata’s penalty in the shootout before Jorginho showed his usual coolness from the spot to nestle the winning effort into the bottom corner past a forlorn Unai Simon.