The 53-year-old is currently in charge of Russian giants Zenit St Petersburg but is known as a man who does not like to stick around when he feels he has outgrown his welcome and following rumours linking him with Australia, appears to have itchy feet.
Mancini won 36 caps for the Azzurri and was part of his country's squads at both Italia 90 and Euro 92.
Italian football is currently in transition having missed out on this summer's World Cup but Mancini believes they have plenty of talent coming through and says he would jump at the chance to fill the managerial vacancy.
"I have a dream, which is to win as a coach something I never won as a player: the World Cup," the 53-year-old told Gazzetta dello Sport.
"I have worked at big clubs and won. It's beautiful to coach the national team. It would be an honour, a source of pride - and winning the European championship or World Cup even more so.
"There are good young people there, I like [Andrea] Belotti, [Lorenzo] Pellegrini, and [Alessio] Romagnoli, who can still grow a lot. And more are coming through every season."