Pep Guardiola held discussions about becoming Italy's head coach, Italian Olympic Committee President Giovanni Malago revealed to local media.
The Spaniard left Manchester City this summer after a glittering 10-year spell in charge that delivered six Premier League titles, three FA Cups, five League Cups and the club's first UEFA Champions League title.
Italy have been looking for a new coach since Gennaro Gattuso stepped down in April after the four-time World Cup champions failed to qualify for a third straight World Cup.
Speaking to Italian digital sports platform Cronache di Spogliatoio, Malago said discussions had taken place with Guardiola and suggested financial flexibility could be shown for a candidate of his stature.
"Exceptions have been made, exceptions that, for example, may concern the name dominating discussion right now: Pep Guardiola," Malago said.
"Exceptions for obvious reasons that I am not here to explain, but it is not certain that this will happen."
Malago's comments are the first public confirmation that the former Barcelona, Bayern Munich and Manchester City manager has been approached about the vacant Italy job.
The Italian Football Federation (FIGC) did not immediately respond to a Reuters request for comment.
Guardiola, 55, left City at the end of last season after a decade of dominance in English football. Before joining City in 2016, he won two Champions League titles and three La Liga titles with Barcelona, as well as three Bundesliga titles with Bayern Munich.
Italian football has reached one of its lowest points in nearly 40 years after an early collective exit by its clubs from European competitions and last season's failure to qualify for the World Cup.
The appointment of a new national team coach is viewed as the first step in overhauling the country's youth development and talent pipeline, which many believe has deteriorated despite football remaining Italy's most popular sport.
