The 53-year-old former Manchester City manager quit as Zenit Saint Petersburg coach on Sunday, saying he now felt free to open talks with Italy. He succeeds Giampiero Ventura, who left the role last November after Italy's failure to qualify for the 2018 FIFA World Cup Russia™.
Mancini gave Balotelli his senior debut in 2007 during his first stint at Inter and also worked with him when he was in charge of Manchester City.
Experience, a willingness to work with young players and an ability to make sacrifices were essential qualities that the FIGC needed to look for while they sought to appoint a new man to lead the Italian national team forward.
Before signing the contract with the Italian Federation Mancini agreed with the Russian "Zenith" about the mutual termination of the contract without financial compensation.
"Everything went as we wanted".
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The FIGC said it had "concluded an agreement with Roberto Mancini who will hold the position of coach of the national team".
"We'll explain everything about the contract tomorrow (Tuesday), he's very happy and so are we". He will also prepare Italy for a friendly against France on June 1 in Turin which could be the final worldwide game for goalkeeping legend Gianluigi Buffon.
Meanwhile, Mancini has a solid track record as a title-winner. He then moved to Lazio but had his biggest success at Inter Milan where he won three successive Serie A titles.
Since leaving Etihad Stadium in 2013, Mancini also managed Galatasaray and Inter Milan before joining Zenit in June 2017.