Many things could still happen between now and the start of the new Serie A season on August 23.
One big signing or the transfer of a key player may shift the balance of power from one side to another. However, as things stand at the moment, indications are clear that next season's title race will be restricted to three teams - Inter, Juventus and Milan.
Inter have been the dominant force in Italy these past three years or so but the return of Fabio Cannavaro (from Real Madrid) and the signing of Brazilian Diego (ex-Werder Bremen) will help Juve to narrow the gap with the champions.
Milan are pinning their hopes on new coach Leonardo and the possible signing of Luis Fabiano.
In his first meeting with the press last week, Inter coach Jose Mourinho lamented about a bloated squad and scarce activity on the transfer market. He also conceded that, quality-wise, Inter are still inferior to three or four European clubs.
Only a miracle could see them succeed Barcelona as kings of Europe, he admitted.
Mourinho added that given the prevailing negative economic climate worldwide, he could understand why Inter were being prudent on new signings. But, at the same time, he also made it clear that he is no magician and, consequently, his targets for the new season will reflect the club's performance in this transfer window.
Inter chief Massimo Moratti was quick to play down Mourinho's comments and insisted that the Champions League is within Inter's reach.
Some may ask, why has Mourinho downsized his team's chances in the Champions League so early in the season? Is this some kind of mind game or is he already feeling Juventus and Milan snapping behind his heels?
Ciro Ferrara can count on a solid squad at Juve. Momo Sissoko will again add industry and offer adequate protection to a backline which has been strengthened by the return of Italy captain Cannavaro (and possibly Fabio Grosso from Lyon).
In attack, Ferrara is spoilt for choice, having to choose between Diego, Alessandro Del Piero, Amauri, Vincenzo Iaquinta and David Trezeguet (if the Frenchman stays put).
Many reckon that Juve, who could add midfielder Felipe Melo to their squad, now have the players to compete with Inter on a level playing field. It is up to Ferrara to bring the best out of his team even though hard-working midfielder Pavel Nedved will not be around next season.
Sweeping changes have also been the order of the day at Milan lately.
Coach Carlo Ancelotti left for Chelsea, Paolo Maldini decided to hang up his boots and Kaka was transfered to big-spenders Real Madrid.
Leonardo will introduce new modules at Milanello. The team's style will change as well with the new coach expected to field a three-man attack that includes Ronaldinho, Alexandre Pato and Marco Borriello (or Luis Fabiano).
But Milan's fortunes will rest on three other players basically.
A fully-recovered Alessandro Nesta is a valuable addition to anchor the defence while the return to full fitness of Gennaro Gattuso will again cement the team's midfield. Playmaker Ronaldinho will be asked to plug the gap left by Kaka.
Milan do stand a chance in my opinion to dethrone Inter and claim their first league title since 2004 if these three stalwarts click into gear right from the word go.
Up to last May, Inter were streets ahead of Juve and Milan but next season it will be a different story... Juve and Milan won't be that far behind.
The transfer market is still open and even one move, in or out, could make a huge difference.