Lippi, who led Italy to World Cup glory in 2006, retired from coaching after guiding Evergrande to a historic fourth Chinese Super League title last season, with Fabio Cannavaro stepping in to take his place.
The 66-year-old enjoyed arguably his greatest successes as a coach over two spells at Juventus.
He has won the Serie A title on five occasions with the Turin giants, as well as claiming the UEFA Champions League in 1996.
After taking over at Evergrande in 2012, he won the CSL title in three straight seasons and lifted the AFC Champions League in 2013.
The news follows reports on Wednesday that successor Cannavaro had been handed a 10-month jail sentence for breaching orders to keep out of his property.
