Ranieri was FIGC's top choice to replace Luciano Spalletti after his firing on Monday following the World Cup qualifying win against Moldova.
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In a short statement released to ANSA, Ranieri confirmed FIGC's approach.
“I thank President (Gabriele) Gravina for the opportunity; it’s a great honour. However, I have reflected and decided to remain fully committed to my new role at Roma,” Ranieri said.
“The Friedkins gave me full support, backing me regardless of any decision I could make about the national team; this decision is mine.”
Ranieri led Roma for the second-half of last season before accepting an advisor's post last month.
