Italy survived an extra-time trial to edge defending champions Serbia 8-7, clinching the uneasy men's water polo gold medal at the FINA worlds on Saturday.

"It's a great victory. We played good games. The Serbian team is very tough, but we know we can make it. Hope it's the beginning of something special. We've already begun to consider about London Olympics," said Italian head coach Dejan Udovicic.

Trailing Olympic gold medalists Italy 5-3 by the end of the third quarter, Serbia made a good comback before Filip Filipovic buried a penalty shot to level at 6-6 with two minutes and 35 seconds to go.

In the breath-taking extra-time, Italy got off a good start within 17 seconds to set up a one-goal lead and Serbia clawed the deficit back by tying on 7-7 28 seconds later. Then Italy's goalkeeper Stefano Tempesti made the biggest save of Serbia's penalty shot before Maurizio Felugo scored the clutch shot for Italy with 35 seconds remainning.

The best centre-forward of the tournament was awarded to Romania's Cosmin Radu.

Stefano Tempesti of Italy grabbed the best goalkeeper trophy.

Croaita settled for the bronze after beating Hungary 12-11 in an earlier playoff.