Northern Ireland are 69th in the Fifa world rankings, 57 places below Italy and 27 adrift of Wales, but two spots above Bosnia.
Michael O’Neill’s side finished third behind Germany and Slovakia in the World Cup qualifying group but secured their play-off place thanks to their Nations League success.
Italy, Wales and Bosnia all finished second in their groups, behind Norway, Belgium and Austria respectively.
Northern Ireland are looking to qualify for their first major tournament since Euro 2016, when they were knocked out in the second round by a Wales side who went on to reach the semi-finals under Chris Coleman.
O’Neill was in the midst of his first, nine-year spell in charge of Northern Ireland at the time and is now three years into his second stint as his country’s manager.
“Down the years they’ve just had something and they know what they are. They’ve got a brilliant manager who I really like,” Bellamy added.
“I was lucky enough to spend a bit of time with him as well, and I loved him. No wonder his players do well. They won’t be playing at their home ground [against Italy], but I just feel they’ll be comfortable in any situation you throw them into.
“There will be pressure coming on Italy because they haven’t qualified for two World Cups. If I was Italy going into that game, with everyone expecting you to win, I’m telling you I’d be edgy. I wouldn’t be comfortable with it.
“Italy is one of the greatest nations in football and that’s a lot of responsibility to shoulder. To have to play a team like Northern Ireland, I’d just be thinking let’s get through this and see what happens in the other game.”