Conte announced earlier this month that he will step down as Azzurri boss in the summer, with Chelsea expected to be his next destination.
And Cannavaro, who earned 136 caps for the Azzurri and captained them to World Cup glory in 2006, has thrown his hat into the ring to become Conte's successor.
"I would love to become the national team coach," former Ballon d'Or winner Cannavaro told Sky Italia.
"I am aware that it is a tough job, but I spent 15 years with Italy. In my opinion, I have the right experience for this role and I know the environment very well too."
RUMOURS | Conte wants five signings at Chelsea
The 42-year-old doesn't boast too much managerial experience on his CV, having only held positions with Chinese outfit Guangzhou Evergrande and Al-Nassr in Saudi Arabia.
But Cannavaro also had an answer ready for those who may claim he does not have enough experience to replace Conte.
He added: "When a former player remains in the game and gets told he doesn't have experience I don't understand it, but that's football.
"Pep Guardiola wasn't told that he needed experience, but if it had gone badly at Barcelona that is what they would have said."