Italian Football Association (FIGC) president Carlo Tavecchio has vowed to make changes to the managerial setup of the national team, which could pave the way for Marcello Lippi to return in a new role.
The FIGC hopes to announce a successor to Antonio Conte, who will join Chelsea after Euro 2016, before this summer's tournament begins.
Lippi, who led Italy to World Cup glory in 2006 but oversaw a disappointing campaign upon his return in 2010, is being tipped to be part of what Tavecchio says will be a "beautiful" new setup.
"There are various [candidates] but certainly we are going to find a new formula because this is the concept we have: we need a strong technical management, within which the future of the federation's management will be constructed," he said.
"We are going to create what the Spanish call a Cantera, where you start off at under-15 level and work up to the first team, with the tools we have got. To construct such a thing, you need experienced and competent people."
Lippi, 68, could therefore operate as a technical director alongside the new head coach.
Torino's Giampiero Ventura, who is close friends with Lippi, is currently the favourite for the role.
Italy captain Gianluigi Buffon, who plays for Torino's local rivals Juventus, said on Tuesday that he would welcome Ventura's appointment.
"Living in Turin, I have been able to see how he has given Torino fans their passion back," Buffon said. "He has breathed life back into Torino and when you're national team manager, you need to give the team that harmony that he knows how to give."
Other candidates reportedly under consideration for the job are Genoa coach Gianpiero Gasperini and Albania boss Gianni De Biasi, but Sampdoria coach Vincenzo Montella now appears to be out of the running.
Samp president Massimo Ferrero said in La Gazzetta dello Sport: "We're going to carry on together.
"We need to erase this nightmare season we've just had. He can be removed from the list of candidates for the national team."