It will be a first role in worldwide management for Mancini, who has left Russian club Zenit St Petersburg to take up the post. A failure to qualify for the World Cup saw several key veterans announce their desire to retire from worldwide football and - after the sheer ineptitude of previous boss Giampiero Ventura - this was the ideal time to make a fresh start.
According to unofficial information, the former coach of inter and Manchester city will earn two million euros a year.
"The failure to qualify for the World Cup caused mourning and this shows how important it is for our country", he added.
The 53-year-old Mancini terminated his three-year official contract with Zenit Saint Petersburg with mutual consent and immediately flew to Rome Monday to sign his new two-year deal. "It went the way we wanted, we are happy and Roberto is happy", Fabbricini told journalists after the contract was signed in Rome.
His task will be to rebuild and qualify Italy for the 2020 European Championships, with his first match in charge a friendly on May 28 against Saudi Arabia in Switzerland.
In Mancini, Italy has a coach with a solid track record as a title-winner with 13 trophies in club football.
Since then Mancini has guided Galatasary to Turkish Cup glory before steadying the ship in his second stint at Inter Milan.
During his 10-year global player Mancini was never became a regular in the Italian national side and has won 36 caps scoring only four goals. While with the Sky Blues, Mancini also won the 2011 FA Cup.