Prandelli resigned from the role following Italy's failure to qualify for the knockout stages of this summer’s World Cup in Brazil.
The 56-year-old is now in charge at Turkish giants Galatasaray, with Conte his replacement after he resigned from his position as coach of Juventus in July.
“I send my best wishes to Conte and I hope he gets the best results for the most important team in Italy, the national team,” Prandelli is quoted as saying by Tuttosport.
“Antonio Conte begins his challenge tomorrow. As his predecessor, I wish him and his staff luck in their work and hope they get the best results on the pitch.”
During his tenure in charge of the Azzurri, Prandelli guided the team to second place in Euro 2012 and a third-place finish in the Confederations Cup of 2013, but his reign finished on a bitter note as his side lost in controversial circumstances to Uruguay - a match best remembered for Luis Suarez biting Giorgio Chiellini.