Nantes boss Claudio Ranieri said he would think about coaching Italy after the four-time world champions "hit rock bottom" following their failure to qualify for Russia next year.
Italy are looking for a new coach after sacking Gian Piero Ventura, who was at the helm as the country sensationally missed out on a World Cup berth for the first time since 1958.
Carlo Ancelotti has emerged as the favourite to pick up the pieces following Italy's 1-0 aggregate play-off defeat to Sweden, but countryman and Premier League-winning manager Ranieri would be willing to answer the nation's call.
"Would I be the Italy coach? I would have to think about it, but it doesn't only depend on me, as I have a contract with Nantes and a president who I would have to talk to," the 66-year-old told Sky Sport Italia.
"I read names like Max Allegri, Antonio Conte and Carlo Ancelotti. I say that right now they need to think carefully about what to do next. Whoever they get from that list will be excellent.
"I think that in Italy the situation of the coach is almost secondary, because we have hit rock bottom and need things to change. There are interesting young players and we will get back on our feet.
"Italy hadn't missed the World Cup for 60 years, but at times you need to hit rock bottom to get back on your feet."
Ranieri's Nantes are fifth in Ligue 1 following Saturday's 4-1 rout at French giants Paris Saint-Germain.