The World Cup winner enjoyed a three-year spell in Madrid as a player and Cannavaro's agent Enrico Fedele, claims the 54-year-old has already enquired about his client's availability to accept a position on his backroom staff.
"There have been some telephone conversations," Fedele told Radio Kiss Kiss. "But I am not aware of any future decisions.
"Fabio wants to coach and get some experience behind a charismatic coach who knows how to handle a large squad.
The 39-year-old, who spent two years playing under Ancelotti during their time at Parma, called time on his illustrious playing-career in July 2011 following a series of recurring knee injuries.
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