The Italian completes a shortlist of four, as the country's football union hopes to announce Dick Advocaat's successor, as well as a new president, by July 20
Fabio Capello is mulling over an offer to become the new Russia coach, according to La Repubblica.
The 66-year-old is currently unemployed having resigned from his position as England manager in February following the Football Association's decision to strip John Terry of the captaincy.
Rather than revert to club management, however, the ex-Juventus and Roma boss may opt to continue working on the international scene.
The Russia Football Union (RFU) are looking for a new coach to replace Dick Advocaat, who has jumped ship to take the reins at PSV, as well as a new president, and the country's Sports Minister, Vitaly Mutko, revealed that the organisation must make a quick decision.
"The RFU will decide everything pretty soon," he told reporters at a press conference.
"Today [Wednesday] they will announce the date of their EGM to elect the new RFU chief. They do not have much time as we need to name the new national head coach before July 20, when the Russian league kicks off for the new season.
"The new manager will also need time to prepare the squad for a friendly with Cote d'Ivoire on August 15 and the 2014 World Cup qualifiers with Northern Ireland and Israel."
However, Capello faces competition for the post, with the publication claiming that Uefa Cup-winning coach Valery Gazzaev, Russia Under-21 coach Nikolai Pisarev and Advocaat's former assistant Alexander Borodyuk are also under consideration.