The pair join team-mates Kyle Walker and Jermain Defoe in the squad for the friendly in Berne, Switzerland, on Wednesday night.
It's fantastic news for our Academy graduates.
Midfielder Jake, 22, receives his first international call-up at any age group after no doubt after catching the eye in his breakthrough season in 2011-12, where he made 38 appearances in all competitions.
Meanwhile central defender Steven, still only 20, impressed during his loan spell at Swansea in the Premier League last season.
Capped four times by England U21s, his performances earned a call into Great Britain's Olympic squad and he started all four matches.
Full-back Kyle will be looking for a third cap against Italy, while striker Jermain is closing in on the 50 mark and is now up to 48 after his selection for Euro 2012.
Here is the squad in full:
Goalkeepers: Jack Butland (Birmingham City), Joe Hart (Manchester City), John Ruddy (Norwich City).
Defenders: Leighton Baines (Everton), Ryan Bertrand (Chelsea), Gary Cahill (Chelsea), Steven Caulker (Tottenham Hotspur), Phil Jagielka (Everton), Kyle Walker (Tottenham Hotspur).
Midfielders: Michael Carrick (Manchester United), Tom Cleverley (Manchester United), Frank Lampard (Chelsea), Adam Johnson (Manchester City), Jake Livermore (Tottenham Hotspur), James Milner (Manchester City), Alex Oxlade-Chamberlain (Arsenal), Jack Rodwell (Everton), Ashley Young (Manchester United).
Forwards: Andy Carroll (Liverpool), Jermain Defoe (Tottenham Hotspur), Daniel Sturridge (Chelsea), Theo Walcott (Arsenal).