Mancini is the bookmakers’ favourite to replace Ranieri at the King Power Stadium after his Italian compatriot was sacked last night.
The 52-year-old, who had a short loan spell at Leicester as a player in 2001, has been out of work since leaving Inter Milan last August.
And according to Sky Sports, Leicester have wasted no time in their search for a new manager after approaching Mancini’s representatives today.
The Leicester board are yet to hold formal talks with Mancini but are keen to find out whether he is interested in the position.
Mancini spent four years as a Premier League manager at mega-rich Manchester City, guiding them to the title and the FA Cup before he was sacked in 2013.
The Italian enjoyed successful spells in charge at Fiorentina, Lazio and Inter Milan before joining City, but stints at Galatasaray and Inter since haven’t quite gone to plan.
The Foxes sit just one point above the relegation zone after a disastrous season, having just won five league games this term, but remain in the Champions League.
The champions lost 2-1 away at Sevilla in their last 16 first-leg clash on Wednesday, with the club informing Ranieri of their decision when he landed in England the following day.
“The board reluctantly feels that a change of leadership, while admittedly painful, is necessary in the club’s greatest interest,” read a statement.
“His status as the most successful Leicester City manager of all time is without question.
“However, domestic results in the current campaign have placed the club’s Premier League status under threat.”
