Italian Olympic Committee sub-comissioner Alessandro Costacurta told Sky Sport Italia he met with Carlo Ancelotti on Monday, although he said the two were not permitted to talk officially about the Italy national team opening.
Costacurta met with Ancelotti in a hotel in Rome, but he said there were no negotiations since the former Bayern Munich coach is not contractually able to enter into talks.
"Carlo was in Rome for a private matter and he was staying in a hotel which I always stay in," Costacurta said. "We didn't talk about the Italy job. We just had a bit of banter about the opportunity but we didn't talk about plans or the economic aspects.
"Since we are obliged to respect the rules, we spoke about other things. It's true -- we do have a vision that could see Carlo, like others, on the national team bench, but rules are important and we've got to adhere to them."
Ancelotti was sacked by Bayern in September but remains under contract. As such, he is not free to take a job without first severing his ties with the club -- but he has a lucrative deal that would probably be beyond the means of the Italian FA.
Costacurta has been charged with finding a successor to Gian Piero Ventura, who was sacked in November after Italy failed to qualify for the World Cup.
He has set a May 20 deadline to hire a coach in order to prepare for Italy's friendlies with Saudi Arabia, France and Netherlands at the end of May and start of June, followed by this autumn's Nations League and qualifiers for Euro 2020.
Costacurta nevertheless said he intends to meet with Ancelotti again in future, although he could not say when or if those talks could take place.
Chelsea's Antonio Conte and Zenit St Petersburg's Roberto Mancini have also been linked with the job.