The 48-year-old Italian was dismissed from the Etihad Stadium at the end of last season, despite winning the Premier League title and the FA Cup during his four years in charge.
"I have time to come back to Italy, as I am still young," Mancini told Sky Sports Italia. "Staying abroad or being put in charge of a national team could also be a good experience.
"However, I'm happy with this time off. I've done this work for many years, and there is always so much pressure. Going forward relentlessly is not easy."
Mancini's last game as City boss was the team's 1-0 defeat to Wigan Athletic in the FA Cup final.