MILAN (AFP) - Zenit Saint Petersburg manager Roberto Mancini has reached agreement to become the next Italy coach after accepting a pay cut to take the job, according to reports on Tuesday (May 8).

Gazzetta dello Sport reported that the 53-year-old Italian has agreed a two-year deal worth €2 million (S$3.18 million) a year which will be penned after the end of the Russian season which concludes next Sunday.

Zenit are fifth in the Russian Premier League, ten points behind already-crowned champions Lokomotiv Moscow with one match left.

The Russian club are reportedly reluctant to let Mancini leave and the Italian Football Federation FIGC do not want to pay any compensation to release him from his contract.

The former Italian international joined the Russian club last year on a three-year deal thought to be worth €4.5 million a year.

The annual budget for the future Italy coach and his backroom staff has been fixed at €5 million.

Italy have been without a permanent coach since Gian Piero Ventura was sacked after they failed to qualify for the World Cup for the first time in 60 years after losing to Sweden in November.

Italy's under-21 coach Luigi Di Biagio has been filling the position on an interim basis.

During his 17-year coaching career Mancini led Manchester City to their first English league title in 44 years in 2012, and won three Serie A titles with Inter Milan.

He also won Italian Cups with Inter, Fiorentina and Lazio.