It can happen.
There are 6 more WC qualifying matches, and in Italy's case it will likely be 8 more matches, because the best 2nd placed from the groups will play qualifiers. Italy is likely to end up 2nd behind Spain.
From December 2012 until June 2014 (before the WC 2014) Italy played 10 friendlies. Two of them, though, were in preparation for the Confederations cup in which Italy won't take place next summer. Two of the friendlies were in November 2013, during the WC playoffs. Since this time around Italy will probably play in the play offs, we can take those 2 friendlies off.
This leaves us with 6 friendlies.
So, 8 qualifiers+6 friendlies = 14. If Gigi plays all these matches, he will need Italy to pass the WC groups in order to beat the record. But he'll have to play every single match for Italy until he retires after the WC.