Carlo Ancelotti says he has been approached by the Italian Football Federation (FIGC) over replacing Gian Piero Ventura as national team coach, but he would rather take over a club.
Italian football descended in to chaos last month after the national team missed the World Cup for the first time since 1958, sensationally upstaged by Sweden in a play-off.
Ventura paid the price for failure, while Carlo Tavecchio resigned as the president of the FIGC amid stinging criticism of the national team set-up.
The fallout from Italy's unsuccessful campaign has centred on foreigners, with past and present players and coaches blaming the four-time world champions' failed Russia 2018 bid on the number of overseas players competing in Serie A.