The 37-year old former Italy international is still without a club after departing Juventus at the end of last season and it is believed that the Sky Blues have made him a proposal to become Australian football's biggest ever signing.
Sydney chief executive Tony Pignata revealed that the two-time A-League champions, who recently lost marquee midfielder Nick Carle to Baniyas on a one-year loan, will certainly pursue Del Piero with tenacity.
"We're going to go for it as hard as we can,'' said Pignata. ''The board is 100 per cent behind this. We believe he's the perfect marquee player.
''We've already made an approach to his management team, and we're waiting to hear back. This is not a gimmick, it's deadly serious. To get a player of his stature would be huge, and we know that.
''I can't say whether we'll be able to compete with whatever other offers he may have in a financial sense, but I do know playing over the summer, in a city like Sydney, gives us a real selling point."