The 27-year-old suffered an ankle problem two weeks ago and it was feared he could miss the clash agains the world champions.
“Cardozo’s going to be on the bench,” coach Gerardo Martino told reporters.
Martino also confirmed that Edgar Barreto and Rodolfo Gamarra had shaken off their injuries.
“They’re all in a condition where they could be picked to face Italy,” he said.