The former Italy international has stated that the Giallorossi have contacted him, and added that he would be delighted to take charge of the Serie A outfit.
The 65-year-old got the sack on Saturday following the Giallorossi's disappointing performances in recent months, and have wasted no time in lining up potential replacements.
"It is true that Roma contacted me on Saturday. They asked me about my availability and whether I was open to a return to Roma. I won't go into any further details," the former Italy international was quoted as saying by the Corriere dello Sport.
"For me, coaching Roma would be the best. I had some amazing years at Trigoria. We'll see what happens.
"The experience of having worked with someone like Fabio Capello, who is one of the best coaches in the world, is worth more than other coaching experiences. I'm not afraid of starting my coaching career at Roma."
Panucci represented Roma between 2001 and 2009, before ending his active career in 2010.