The former Real defender has been mentioned as a replacement for Carlo Ancelotti's former No2 Zinedine Zidane, now in charge of the Castilla.
"If Ancelotti, who is a great coach, calls me, then I will have to take advantage of it, and of course I would go," Cannavaro told Marca.
However, the 2006 Ballon d'Or Winner insisted he had not received any contact from Ancelotti yet about a return to the Bernabeu.
"I have read about it in the press but nothing more than that," he said.
"Everyone knows I have a very good relationship with Ancelotti and that I spent three fantastic years in Madrid. But I know nothing more than that.
"I am a qualified coach, I want to be a coach and so we'll see what happens."
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