Giampiero Ventura was sacked by Italy last week.
Former Roma boss Ranieri said: “Would I be the Italy CT? I would have to think about it, but it doesn't only depend on me, as I have a contract with Nantes and a President who I would have to talk to.
“I read names like Max Allegri, Antonio Conte and Carletto Anceotti. I say that right now they need to think carefully about what to do next. Whoever they get from that list will be excellent.
“I think that in Italy the situation of the Coach is almost secondary, because we have hit rock bottom and need things to change. There are interesting young players and we will get back on our feet.
“Italy hadn't missed the World Cup for 60 years, but at times you need to hit rock bottom to get back on your feet."