Italian Football Federation (FIGC) president Giovanni Malagò has confirmed that Pep Guardiola is among the candidates being considered for the vacant head coach position.
The Azzurri have been without a coach since Gennaro Gattuso resigned after April's World Cup playoff loss to Bosnia-Herzegovina that saw Italy miss out on a third consecutive men's World Cup.
Malagó said that the federation would be willing to make a financial sacrifice to bring Guardiola, who is a free agent after leaving Manchester City earlier this summer.
"It's not a given that this [talks with Guardiola] will come to fruition, but I believe it was right and important to open a dialogue and keep it alive," Malagó, who was elected president of the FIGC on June 22, told the 'Cronache di Spogliatoio' podcast.
"This [talks with Guardiola] is by no means a lack of respect towards other candidates, with whom discussions have already begun, and adding another name would in no way detract from the process.
"There are also financial and budgetary considerations. In the short to medium term, to say that we'll have to tighten our belts is an understatement. However, some exceptions have been made, which may relate to the name that is so dominant at the moment."
Asked if he was referring to Guardiola, he said: "Yes."
Malagó stressed that Guardiola, former Italy coach Roberto Mancini and Italy great Andrea Pirlo are not the only candidates being considered.
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"No, absolutely not," he said. "But If we're considering a certain profile, these names certainly fall within the scope of these profile categories."
Guardiola, 55, has often expressed his desire to coach a national team at a major tournament before he retires. He has already had a glittering coaching career, with spells in charge of Barcelona, Bayern Munich and City. As a manager, he has won 41 major trophies, including three Champions Leagues.
However, sources have told ESPN that Guardiola's talks with the FIGC were brief and that the Spaniard wants to take a sabbatical after coaching City since 2016.
Additional information from ESPN's Sam Marsden and Gabriele Marcotti.