The 40-year-old former Italy captain is reported to be in contention to replace Zinedine Zidane, who took over as Real Madrid Castilla coach last month.
Cannavaro has gained experience as assistant coach at Dubai club Al Ahli since calling time on his playing career - which included a three-year stint at the Bernabeu - and was linked with the Italy job after Cesare Prandelli resigned.
The World Cup winner has not had any contact with European champions Real, but he would welcome the opportunity to work alongside Ancelotti.
He said: "I read in the press that my name is being considered, but I really don't know anything else.
"Everyone knows I have a really good relationship with Carlo Ancelotti, and I spent three fantastic years in Madrid. Beyond that, I don't know any more. I have my coaching qualification, I want to be coach and we'll see what happens.
"I've been working as an assistant coach for a team in Dubai. There wasn't any pressure, but it has been very useful.
"Now I watch matches more as a coach than as a former player. It's a small step in my career. Then if I got the call from Ancelotti, I would have to make the most of the opportunity and of course I would go.
"The important thing is to get experience. Especially if you've been a good player. Then everyone thinks that you've got to win everything in your first year. And it's not like that, you have to take it step by step."
