The 66-year-old, who famously guided Leicester City to the Premier League title in 2015-16, took over at Nantes last summer and has delivered impressive results, with the club currently fifth in Ligue 1 and challenging for a Europa League place.
Italy, meanwhile, are on the hunt for a new boss in the wake of Gian Piero Ventura's departure last November after they failed to qualify for this summer's World Cup.
"Any Italian coach would love to be in charge of the national team," Ranieri told Sky Sport Italia.
"I have a contract with Nantes for two years and I have not received any messages, so I can't say anything.
"But if I were to be contacted for the Italy job, I'd go to the Nantes president and ask to be released."
Ranieri boasts an extensive managerial CV but has experience of just one national job - a short stint in charge of Greece in 2014.