Mancini assumed responsibility for the group in 2018 after they neglected to fit the bill for the World Cup, having beforehand not missed a World Cup finals beginning around 1958.
Once more he directed Italy to progress at the European Title in 2021 yet the group neglected to meet all requirements for last year's Reality Cup in Qatar.
In June, Italy asserted third spot at the Countries Association finals under Mancini.
"A critical page throughout the entire existence of the Azzurri, which started in May 2018 and finished with the 2023 Countries Association Finals, reaches a conclusion," the FIGC said in an explanation.
"Considering the significant and impending responsibilities for the UEFA Euro 2024 qualifiers... the FIGC will report the name of the new public mentor in the following couple of days."
Following last year's bombed World Cup qualifying effort, Mancini went under serious strain in the Italian media to leave however got backing from the country's alliance president to go on in the job.