The 57-year-old is currently preparing the Azzurri for their upcoming World Cup playoffs, a scenario which emerged after they finished behind Switzerland in their qualification group.
Should Italy progress through to the Finals in Qatar, Mancini will remain at the helm, but failure to do so may lead to his resignation from the European champions.
According to Italian journalist Fabrizio Romano, the former Manchester City boss may be tempted by a return to the Premier League in the future.
Speaking to Rio Ferdinand's Youtube channel FIVE, Romano said: "Let's see what happens with Roberto Mancini. Mancini will be busy with Italy to see what happens with the World Cup with qualifying in March, but that could be an option.
"He is tempted by the Premier League, he wants to come back to the Premier League one day."
Mancini guided Man City to their first-ever Premier League title in 2011-12, while his most recent club position was at Russian side Zenit St Petersburg for the 2017-18 campaign.
Man United will reassess their managerial position in the summer with Ralf Rangnick only in charge on an interim basis. body check tags ::