The 37-year-old forward is reportedly close to joining Swiss Super League side FC Sion, but the Sky Blues are holding out hope of landing the World Cup winner
However, the Italian could be destined Australia if Sydney FC chief executive officer Tony Pignata has his way, although Swiss side FC Sion are also confident of securing the veteran's signature.
"We're going to go for it as hard as we can," Pignata told The Sydney Morning Herald. "The board is 100 percent behind this. We believe he's the perfect marquee player.
"We've already made an approach to his management team, and we're waiting to hear back. This is not a gimmick, it's deadly serious. To get a player of his stature would be huge, and we know that.
"I can't say whether we'll be able to compete with whatever other offers he may have in a financial sense, but I do know playing over the summer, in a city like Sydney, gives us a real selling point."
But Sydney FC and Pignata could see their dreams of Del Piero in a sky blue shirt ruined before they really have a chance to develop, with Sion believing they are close to signing the Italian, having already tempted former AC Milan midfielder Gennaro Gattuso to Switzerland.
"After the arrival of important Gattuso, the club wants to try to do something special, first in Switzerland and then the Champions League," Sion sporting director Marco Degennaro told Sky Sports Italia.
"We expect to close tomorrow or the next day when he comes to a decision. What have we done to try to convince him?
"Gattuso has helped and then the proximity as Switzerland is close to Turin and can give him the opportunity to win without leaving Europe."