Ventura, 69, was sacked by the Italian Football Federation (FIGC) after Italy failed to qualify for the World Cup for the first time since 1958.
The Italian FA have spoken to Carlo Ancelotti about succeeding Gian Piero Ventura as the national team's head coach, according to Sky Italy.
Italy's streak of 14 consecutive World Cup appearances came to an end following Monday's goalless draw against Sweden in Milan as the Scandinavians triumphed 1-0 on aggregate.
Zenit Saint Petersburg manager Roberto Mancini has ruled himself out of the running to replace the sacked Gian Piero Ventura as Italy boss and insisted he is happy in Russian Federation.
"My feeling is the same as any Italian person".
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He added: 'I think that this is not a great moment for us, for my country, because to miss the World Cup after 56 years it means that it's a disaster for us. Seeing them crash out gave me tremendous sadness. Italy is going for the election next May and a positive football result could have lifted the mood of the nation.
"There are a lot of rumours and a lot of news". Not only one, two or three persons, because when you fail, the whole country fails.
'But I am happy at Zenit and in St Petersburg, so I am not thinking about the Nazionale. "They have to find the right solution and improve the solution".
It comes amid continued speculation about Conte's future and reports claiming he could leave Stamford Bridge.
"When asked if he would be interested in the Italy post, he told reporters: "[For now] I am very focused on doing my best for Chelsea, and my only focus now is to try to create a good structure at Chelsea.