The Juventus veteran said that the Azzurri have the potential to lift the trophy, but acknowledged that they are not the favourites.
"It would be nice to win another World Cup," he told Sky Sports News. "We do have the potential to do it, although clearly other nations have an even better chance.
"I would never give up on the Nazionale. I don't see why I should, unless it is a decision by the coach that I would accept without problems.
"I haven't the courage to give up and it would be a shame to do so if I was still competitive."
Buffon could equal Fabio Cannavaro's record of 136 Italy caps when the team take on the Czech Republic on Tuesday.