Germany's Bayern Munich advanced to the quarter-finals on away goals after Fiorentina's 3-2 home win levelled the aggregate score at 4-4. The Italians were unfortunate to lose the first leg 2-1 as the winning goal was scored from an offside position.
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Prandelli has long been touted in the media as a successor to Italy coach Marcello Lippi, who has yet to declare his intentions after June's World Cup, while Juve coach Alberto Zaccheroni's contract runs only until the end of the season.
"Prandelli is our coach. He is great, he has another year on his contract and if contracts are worth anything there won't be a problem," Fiorentina owner Diego Della Valle told reporters.
However, the likelihood of Fiorentina being absent from the Champions League in the foreseeable future could lead Prandell, at Fiorentina since 2005, to assess his options.
While the Florence club have enjoyed a relatively successful European campaign, beating Liverpool twice in the group stage, they have slipped to 10th in Serie A.
Their defeat on Tuesday also raises the possibility of Italy losing their fourth Champions League qualifying spot to Germany from 2011 depending on results in the rest of the competition.
If Lippi steps down from Italy after South Africa, former Roma and Parma coach Prandelli looks one of the few candidates to take over given Carlo Ancelotti and Roberto Mancini are in their first seasons at Chelsea and Manchester City.
Juve's Zaccheroni replaced the sacked Ciro Ferrara in January but the fans have failed to warm to the ex-Inter Milan, AC Milan and Torino coach despite a slight pick up in form.
