The new Real Madrid boss is reportedly keen on making the former Italy captain part of his backroom staff having officially taken the reins with the Liga giants on Tuesday.
The World Cup winner and 2006 FIFA World Player of the Year enjoyed a three-year spell in Madrid as a player, and Cannavaro's agent Enrico Fedele, claims Ancelotti has already inquired 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 Cannavaro, 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.