I doubt it, if Juve and Fiorentina/Napoli win their european competitions Italians will be thereabout, but still probably fall short. All Italian final in the EL + Juve lifting the CL could be enough, but that is highly unrealistic scenario.
Of course Italy can't catch England this year.
The maximum Italy can get till the end of this season is:
- Fiorentina beats Kiev in Firenze (2 pts)+bonus 1 pt for SF qualification+ 4 pts from 2 wins in the semis+1 bonus pt for qualifying to the final+2 pts for a win in the final vs Napoli = 10 points
- Napoli beats Wolfsburg in Naples (2 pts)+bonus 1 pt for SF qualification+ 4 pts from 2 wins in the semis+1 bonus pt for qualifying to the final = 8 points
- Juve beats Monaco (2 pts) + bonus 1 pt for SF qualification + 4 pts for 2 wins in the semis+1 bonus pt for qualifying to the final+2 pts for a win the final = 10 points.
That's 28 points, which are divided by 6 (the number of ITA teams that played in Europe this year). That means the most Italy can get till the end of the season is 4.66 pts, while the difference is bigger than 5 pts.
Only next year, if Italy again has a much better season than the EPL, the Italians will enter the top 3 again.