The failure to reach the World Cup in Russian Federation next summer means Italy boss Gian Piero Ventura is set to be axed with the IFF meeting later on Wednesday to discuss his future.
The FIGC said it will consider "important names" to replace Ventura and former Italy global Ravanelli insisted the country must turn to Chelsea's Conte, who left the role a year ago having reached the Euro 2016 quarter-finals. "I spoke to Ventura and I told him that we were no longer in need of his services and he's no longer coach of the national team".
Meanwhile, FIGC president Carlo Tavecchio is set to stay in his post despite mounting pressure to resign, the ANSA news agency reported Wednesday.
"(Tavecchio) will have the responsibility (to submit to the federal council) a series of proposals on which the members of the council will be called upon to give their opinion", the statement added.
"On Monday, there will be a Federal Council meeting, where I will present a program which will be done in conjunction with the other leagues".
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Earlier, Damiano Tommasi, the head of the Italian Players' Union, stormed out of the FIGC meeting just minutes after Tavecchio refused to quit.
Ventura said his record was "one of the best of the last 40 years".
The Italian Football Federation confirmed on Wednesday that Ventura is out as manager in the wake of a 1-0 aggregate defeat to Sweden in the 2018 World Cup qualifying playoff.
"I lost only two games in two years", he had told Italian television show Le Iene in a brief interview.
Carlo Ancelotti, the former AC Milan, Chelsea, Paris Saint-Germain, Real Madrid and Bayern Munich coach who was recently sacked, makes the most sense.
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In response, the comedian brushed off the rumors, telling The New York Times in September, "They're rumors, that's all that is". That's nothing to me. "Nothing can be said and you are still horrifically violated and scared". "But it's not not happening".