The 64-year-old Leicester City coach has worked wonders in the East Midlands this season, turning the perennial strugglers into Premier League title favourites with just six games left to play.
The Foxes, who were plying their trade in the second-tier as recently as 2014, are edging closer towards a famous trophy lift after extending their lead at the summit to seven points.
Former Valencia coach Ranieri has taken huge credit for the team’s transformation across the past 12 months and has caught the eye of his national team officials with his admirable leadership.
Current Italy boss Antonio Conte will leave his position for Chelsea following the European Championship in France this summer, opening up an attractive international managerial spot.
Ranieri, who was awarded the honour of Italian Coach of the Year this week, has experience working as an international coach during his ill-fated spell in charge of Greece.
However, at the ceremony of Ranieri’s award, Federation president Carlo Tavecchio refused to rule out appointing the Leicester chief.
“Conte hasn’t renewed and we’ve taken note,” Tavecchio reportedly told Football Italia.
“Ranieri? We’ll pause and reflect thoughtfully before finding a solution.”