Cesare Prandelli is the man charged with the task of leading Italy at the 2014 World Cup, but it is unclear whether he will remain in the job after the tournament in Brazil.
Maldini was assistant coach to Enzo Bearzot when Italy were crowned world champions in 1982, before taking the reins himself for the 1998 campaign, which ultimately ended with a quarter-final defeat to hosts and eventual winners France.
The 82-year-old and father of Italy and Milan legend Paolo Maldini revealed that Allegri, who was relieved of his duties at San Siro in January, would be his choice should the position become vacant.
"Allegri could be the man, why not," he told Calcio News.
"'Max was in charge at Milan for three and a half seasons, won a championship and has been able to take charge during a tough period.
"I know the modus operandi of the (Italian Football) Federation, and I know they choose from a wide range of candidates.
"If Prandelli were to leave, I think Allegri would be the right man, without a doubt."
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