After missing England’s final training session before the final, in which the squad did tactical preparation, Foden is unlikely to start against Italy.
“He is a doubt and we will have to check again, but he has got a fairly minor foot injury,” Southgate told BBC Radio 5 Live.
“It’s just whether it’s going to be one that clears up in time to take part in the game, so we will have to assess that again later.”
Foden had been on contention for the one position up for grabs in the England team on the right wing.
Foden sustained a knock during training on Friday. He came on in extra time during the 2-1 semi-final win over Denmark on Wednesday.
The other 25 players in the England squad trained at St George's Park before they are due to travel down to London.