The League Two strugglers sacked Gary Caldwell on Saturday after losing 2-1 at home to Accrington Stanley.
Chesterfield, relegated from the third tier last season, have won just once in eight league matches and currently sit second-from-bottom in the table.
According to the Daily Mail, Ravanelli is among more than 30 applicants for the manager's job at the Proact Stadium.
The 48-year-old, whose illustrious playing career also saw him turn out for Juventus and the Italian national team, has had one stint in management, at French club AC Ajaccio in 2013.
Guy Branston, Chesterfield's director of recruitment and development, has taken the first-team reins on an interim basis.