The Azzurri are still looking for a permanent successor to Gian Piero Ventura, who left his position after his side failed to qualify for the World Cup.
Luigi Di Biagio is currently in temporary charge of Italy but it appears that his chances of holding down the position on a permanent basis are decreasing.
According to Calciomercato, Mancini intends to hand in his resignation at Zenit St Petersburg in order to be named as the new manager of the national team.
Mancini still has two years remaining on his contract with the Russian side, but the 53-year-old has allegedly indicated that he would like to coach Italy ahead of the start of the Nations League.
During his playing career, Mancini won 36 caps for Italy on the international stage.