UEFA said last week that Italy, France and Turkey were considering single bids with Norway and Sweden looking at co-hosting the championship, which will be the first to have 24 teams.
"We do not have a problem with a joint bid for Euro 2016. If it were France, it would be a friendly and neighbouring country. If it were not technically and politically possible, we would go ahead alone," Giancarlo Abete told Italian radio.
"With great transparency, we want to check if a way forward can be found. If it is not possible, we are not scared of competing by ourselves."
Huge investment in difficult economic times would be needed to revamp Italy's footballing infrastructure, making the idea of a joint bid more appealing.
"We stick to our previous statements. We go for it on our own and we don't have any plan whatsoever to launch a joint bid with another nation," French Federation spokesman Francois Manardo said on Monday.
