The 64-year-old was responsible for bringing both players to the Artemio Franchi and is dismayed that the pair are currently struggling to nail down regular starting berths at the Etihad.
Consequently, he would like to see Jovetic and Nastasic return to Italy, even if it means both ending up at Fiorentina's bitter rivals, Juve.
"They are playing for an extraordinary club like Manchester City, who invested around €60 million in them," Corvino mused during an interview with Tuttosport.
"Recently, they have been a little unfortunate because of injuries, but they remain two great players. I kind of view them as two of my footballing godchildren and I would love to see them in Serie A again.
"I would say to them that at City there's an abundance of talent, while in Turin they would find more space. The philosophy at Juve is different: less players but good ones."
Juventus are currently more preoccupied with holding onto midfielder Arturo Vidal, who is being courted by Manchester United.
But Corvino does not believe that the Italian champions should pull out all of the stops to keep the Chile international if he has his heart set on leaving.
"Juve obviously want to keep their best players," he mused. "However, when a player wants to leave, you don't need to block him. Holding onto a player at all costs can become detrimental."