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The Roma man has been one of the standout players this summer and had another great game on Friday.
Roberto Mancini's side ran out 2-1 winners in Munich to reach the semi-finals but the second half saw Spinazzola's tournament come to an end.
He was stretchered off in tears and Sky Sports in Italy are reporting it could be a very serious injury, which occurred after chasing the ball.
Adriano Del Monte has also added it could be up to a year before the 28-year-old is fit again.
Spinazzola was replaced by Emerson Palmieri in the 77th minute.
Alan Shearer provided punditry for the game on BBC and paid tribute to Spinazzola's tournament, which saw him win Man of the Match twice.
Shearer said: "He has absolutely (been one of the players of the tournament). That's a massive blow for the Italians.
"We've highlighted him before and after games as he brings so much energy and brings so much to that Italy team defensively, as you saw with the goal-line clearance and also offering a threat the other end."
Nicolo Barella danced through the Belgian defence before firing home to give Italy the lead in the 31st minute.
Italy doubled their lead moments later after an incredible solo effort from Lorenzo Insigne.
He cut inside and left Youri Tielemans trailing, before bending in a tremendous effort past Thibaut Courtois.
Despite going 2-0 up, Belgium did find a way back into the game via a Romelu Lukaku penalty.
Giovanni Di Lorenzo shoved teenager Jeremy Doku to the ground and Lukaku hammered home his fourth goal of the tournament.
Roberto Martinez's side couldn't find an equaliser however and they've bowed out at the quarter-final stages once again.
Italy will now take on Spain at Wembley on Tuesday evening for a place in the final on July 11.
Who do you think will win Euro 2020? How big of a loss will Spinazzola be in defence?
Let us know in the comments.
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