Itachi is a Leaf ninja and was one of the good guys, he didn't want to kill Jiraiya, Kisame asked Itachi why they left and said ''You could have'' stating that Kisame knew that Itachi could have killed Jiraiya in no time...Why did itachi and kisame run from jiraiya the first time they met?
SM Jiraiya would be able to beat itachi.
Itachi also said that every strong Shinobi and jutsu's have their weaknesses, and if you know that you're pretty much invincible since you know that there must be a way to defeat your opponent and we've all seen Itachi's arsenal of weapons and jutsu's and how effectively he uses them.
Jiraiya is way too slow for Itachi, Itachi was able to **** up Orochimaru with Genjutsu while Orochimaru is a pretty good Genjutsu user, Jiraiya has nothing to counter Itachi's Genjutsu let alone counter Amaturasu or Sasuno'o.
Quite the bullshit that Itachi said that there was no way to defeat him, because Itachi wanted Kisame to believe that they had no chance so that they could leave Naruto alone since Itachi is one of the good guys and didn't want to attack his ''friends''.
Itachi takes this without any difficulty at all like he did with all the other opponents he fought against.
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