Cesare Prandelli offered his resignation on Tuesday and Italian FA [FIGC] president Giancarlo Abete also quit after the Azzurri crashed out in the group stage with a 1-0 defeat to Uruguay in Natal.
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"Of course it would be a great honour for me to be the manager of my national team, but I don't know," Cannavaro told ITV.
"Right now the Federation want to change the president, the coach... It would be difficult.
"I'm ready, but I don't know. We'll wait.
"I could not say no but I don't know what they want to do, what they want for the future. Now I think is a very important moment for our federation."
Italy finished third in Group D after victory over England and defeats against Costa Rica and Uruguay.