The Netherlands have settled on their best team, led by Arjen Robben and Ruud van Nistelrooy in a classy forward partnership, and feel a repeat of their 1988 European Championship win is on the cards.
Portugal, inspired by the artistry of Deco and bolstered by the defensive partnership of Jorge Andrade and Ricardo Carvalho, have quality running through their side and the benefit of passionate home support.
Today's game at the Jose Alvalade stadium will be as much a test of nerve as a trial of skill, though, as the two beaten semi-finalists from the last European Championship bid to avoid a similar fate.
This will be a fifth semi-final for the Dutch and they have won just one, when they went on to take the title in 1988.
Portugal have lost both their previous semi-finals and they are well aware that the hosts have gone out at the semi-final stage in the last four championships.
Those factors, coupled with the blazing heat in Lisbon, could lead to an over-cautious approach and there is a distinct air of tension in the Portuguese camp, perhaps primed by the enormous expectations of the country's 10 million people.
"I believe we'll go on to reach the final because I think we are a better side," Deco told reporters.
"It would be a huge disappointment to miss out on the final now, or to reach the final only to lose it."
The Portuguese do have some history on their side, with the Dutch having won only one of their eight previous meetings.
Pauleta is available again after suspension but Nuno Gomes is likely to continue up front in an unchanged team.
Deco, Carvalho and defensive midfielder Costinha are just a yellow card away from missing the final if they do make it after being booked in the quarter-final win over England.
Dutch coach Dick Advocaat will be forced to make at least one change, with centre-back and captain Frank de Boer out after suffering an ankle injury in the penalty shoot-out win over Sweden in the quarter-finals.
Wilfred Bouma is the logical choice to partner Jaap Stam while Andy van der Meyde's poor performance could see him replaced by Marc Overmars.
Johnny Heitinga, another option in defence, believes Luis Figo remains the main threat to Dutch hopes, even if his recent form has not been spectacular.
"Figo is an excellent player and he still has the ability to decide a match in one moment," Heitinga said.
Van der Meyde and substitute striker Roy Makaay have yellow cards and are in danger of missing the final through suspension.
The final is on Sunday and will feature the winners of tomorrow's semi-final between Greece and the Czech Republic.
Miscellany
¤ Portugal and the Netherlands won their Euro 2004 quarter-finals on penalties. No team has won two penalty shoot-outs at a European Championship finals. France and England are the only countries to be involved in two and both lost their 1996 semi-finals on penalties after winning their quarter-final matches.
¤ Dick Advocaat has been in charge of more matches for Holland than any other Dutch national team coach of modern times. The quarter-final against Sweden was his 54th game in charge, over two spells, taking him ahead of Rinus Michels.
¤ Porto's victory in the Champions League is no indication that Portugal will win the European Championship. The Netherlands in 1988 is the only nation to win both trophies in the same year. PSV Eindhoven won the European Cup and the Dutch Cup and then won the European Championship.
¤ Anders Frisk will referee today's match extending his record to eight Euro Championship games. With Pierluigi Collina and Markus Merk taking the other semi-final and final respectively, Frisk will finish with two matches more than them.
Probable teams
Portugal: Ricardo; Miguel, Carvalho, Andrade, Valente; Costinha, Maniche, Deco; Figo, Ronaldo, Nuno Gomes.
Netherlands: van der Sar; Reiziger, Bouma, Stam, van Bronckhorst; Seedorf, Davids, Cocu; van der Meyde, van Nistelrooy, Robben.
Referee: Anders Frisk (Sweden).
On TV: RaiUno - 8.45 p.m.