The Nice striker has not represented his country since the 2014 World Cup after falling out of form and favour with the Azzurri.
However, with Mancini having coached Balotelli during the pair's time with Inter Milan and Manchester City, the 53-year-old says he is open to lifting the forward's international exile.
Speaking after his unveiling as the new Italy coach, Mancini said the media: "Mario [Balotelli] is an Italian player. We'll definitely talk. He's one of those players we should take a new look at."
Mancini faces a tough task in rebuilding the Italy team following their shock failure to qualify for the 2018 World Cup finals, although the coach seems up for the challenge.
"Amid such a difficult period, I thought this could be the right time (to take the job)," he added.