Fernando Santos has made two changes from the team that beat Wales on Wednesday, and they were both expected.
Pepe, who has been struggling with a thigh problem, starts in central defence alongside Southampton's Jose Fonte, replacing Bruno Alves, who drops to the bench.
And William Carvalho, who missed the semi-final through suspension, returns in central midfield in place of Danilo.
For the second game in a row, Didier Deschamps has picked an unchanged XI, meaning Moussa Sissoko keeps his place in midfield with Leicester's N'Golo Kante on the bench.
As expected, it's Antoine Griezmann and Olivier Giroud in attack, with Sissoko likely to be off the right and Payet off the left.
Samuel Umtiti, impressive in the semi-final win over Germany, partners Laurent Koscielny.
Portugal XI (4-4-2): Patricio, Pepe, Fonte, Guerreiro, Cedric, A Silva, Sanches, W Carvalho, Mario, Ronaldo, Nani
France XI: (4-4-2): Lloris, Evra, Sagna, Koscielny, Umtiti, Sissoko, Pogba, Matuidi, Payet, Giroud, Griezmann