See the discussion about Unbreakable block. A \vbox might do what you want:
\documentclass[a4paper]{article}
\usepackage{lipsum}
\begin{document}
\begin{itemize}
\item \lipsum
\item \vbox{\lipsum}
\end{itemize}
\end{document}
In this case TeX will start a new page, if the second item does not fit the page, which might result in a lot of white space.
Alternatively, in the final version of the document, you can enlarge single pages by a few lines to make the item still fit on the page. See Enlarge a single page for a discussion of this approach. The following example enlarges the page by 8 lines, which is way too much, but a few lines might work.
\documentclass[a4paper]{article}
\usepackage{lipsum}
\begin{document}
\begin{itemize}
\item \lipsum[1-3]
\item \enlargethispage{8\baselineskip}%
\lipsum[4-6]
\item \lipsum
\end{itemize}
\end{document}