The Nerazzuri have slipped to seventh place in Serie A after a poor run of form and currently find themselves 14 points of league leaders, and city rivals, AC Milan.
A 1-0 defeat to Marseille on Wednesday night has left their dreams of landing their first Champions League since 2010 hanging in the balance.
As a result, manager Claudio Ranieri has come under increased pressure, with reports suggesting trigger-happy president Massimo Moratti could dismiss the former Chelsea boss before the end of the season.
Mancini, along with current Blues boss Andre Villas-Boas, have been linked with a possible switch to Italy should Ranieri be sacked.
However, the Italian manager, who spent four successful years with Inter between 2004 and 2008, has dismissed speculation linking him with a return to the Giuseppe Meazza, insisting he is focused on his project with Manchester City.
"If Moratti called me back and asked me to reconstruct Inter Milan, I would reply that I already made the reconstruction," he told Mediaset Premium.
"Inter also have the qualities to recover themselves. If they get a good result in the Champions League, they can return to how they were four or five weeks ago."
