Mancini has been reappointed as Italy manager, the Italian Football Federation has announced, just hours after Zinedine Zidane's unveiling as France's new head coach and following days of institutional chaos that shook the four-time world champions.
FIGC president Giovanni Malagò confirmed the appointment at a press conference after a federal council meeting, with Ranieri also named as the federation's new technical director in place of Paolo Maldini.
"Time was running out and I decided that the person who should become Italy's technical commissioner was Roberto Mancini, for a series of considerations I take full responsibility for," Malagò said.
The turmoil began when Maldini and his advisor Leonardo resigned just 16 days after being appointed, having initially pushed for Andrea Pirlo to take the manager's job before his candidacy collapsed over his links to a Russian betting company; Malagò said neither he nor Maldini had been aware of that arrangement, but that the decision to rule Pirlo out had been his alone.
Before turning to Pirlo, Maldini and Leonardo had also explored the possibility of appointing Pep Guardiola, who was available after leaving Manchester City, but the Catalan turned down the approach.
Malagò described the parting with Maldini and Leonardo as a "calm agreement that their paths needed to separate," in a saga that reportedly frustrated Italy's sports minister, Claudio Abodi. Mancini, who first managed Italy between 2018 and 2023, returns with the task of dragging the Azzurri out of a deep crisis that has seen them miss three consecutive World Cups.
His first spell in charge brought the Euro 2020 title and a then world-record unbeaten run of 37 matches, but ended in the wake of Italy's play-off elimination to North Macedonia that cost them a place at the 2022 World Cup in Qatar. He has spent the years since coaching Saudi Arabia and, more recently, Qatari side Al-Sadd.
Ranieri, meanwhile, brings decades of coaching experience across the Premier League, Serie A, La Liga and Ligue 1, most notably his Premier League title win with Leicester City, and will now take responsibility for the federation's broader technical structure alongside Mancini on the touchline.
Mancini began his own managerial career at Fiorentina in 2001, winning the Coppa Italia, before a spell at Lazio and a hugely successful period at Inter Milan, where he won three consecutive Serie A titles between 2006 and 2008 as part of a seven-trophy haul.
He went on to manage Manchester City, Galatasaray and Zenit Saint Petersburg before his first spell with the Azzurri began in 2018.