Mancini, 53, is being touted along with Chelsea manager Antonio Conte and former Bayern Munich coach Carlo Ancelotti to take the reins of the demoralised four-time World Cup winners.
Giampiero Ventura was fired as coach last November days after Italy's shock failure to reach the World Cup final for the first time in 60 years.
Finding Ventura's successor has been complicated because the Italian Football Federation (FIGC) has to elect a president to replace Carlo Tavecchio who was also forced to resign.
"But I absolutely don't rule out Italy, like the other coaches I think. When you're a coach you can rule nothing out."
Former Chelsea, Real Madrid, Juventus and AC Milan boss Ancelotti -- a three-time Champions League winner -- had been Tavecchio's choice.
But the 56-year-old, free since his sacking by Bayern Munich last year, has said he would prefer to stay in club management.
Former Juventus boss Conte, 48, coached Italy from 2014 before joining Chelsea in 2016, winning the Premier League in his first season.
"Italy is my homeland, so once I have had some good experiences, formative experiences, important and life- changing experiences, I'll be back. I don't know when but that's the aim," he said in September.
The FIGC yesterday agreed their budget for 2018 and have set aside 5 million euro (USD 5.6m) to pay the new coach, despite a projected deficit of 9 million euros for the year, according to press reports.
Three candidates have their hat in the ring for FIGC presidency -- former Italy and Roma star Damiano Tommasi, now head of the Italian Players' Union; Italian Professional League president Gabriele Gravina and FIGC vice-president Cosimo Sibilia.
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
