The four-time World Cup winners have now failed to qualify for the past three in arguably the most stunning fall from grace in Football.
Paolo Maldini and Leonardo were appointed to name the new boss of the national team and had settled on former Juventus and AC Milan midfielder Andrea Pirlo.
Pirlo didn’t get the role due to his links to a controversial Russian betting company, however, and both Maldini and Leonardo resigned.
Mancini, who was in charge of Italy from 2018 until 2023, has now been reappointed, and has his sights on trophies.
"Fate has given me another opportunity thanks to President Malago, and I'm here to bring Italy back to where it deserves to be," Mancini said during his first press conference.
"I want to win a major trophy, maybe even two. And then stay longer than my contract, if possible.
"Regardless of what happened in 2023, the goal is always to win and play well. I'm convinced the players are there and they're good, especially the young ones."