Cassano's omission has been blamed on the Azzurri's dismal campaign.
But departing Juventus defender Cannavaro, who will be joining the UAE's Al Ahli, said: "I don't see any phenomenal players around.
"I respect Cassano, but we played two European Championships with him and didn't win either of them.
"We must all turn the page. If we remain fixed on this point it will be another 26 years until we win a World Cup and Italy can't allow itself that.
"I am not ashamed to say that after 14 years playing for Italy I cried yesterday. But nothing can ever erase what we did in 2006 because if this shirt is heavier, it's because of the fourth star we put on it."