The 66-year-old led his nation to the title in 2006, claiming a 5-3 victory on penalties in a fiery final against France.
Lippi left the position following that triumph, but returned to guide Italy to the finals in South Africa four years later.
However, his second stint at the helm of the national side was not as fruitful as the first, as Italy crashed out in the group stage of the 2010 tournament.
Lippi was subsequently replaced by Cesare Prandelli, who welcomed his predecessor to Coverciano for a training session on Thursday.
The duo appeared deep in conversation throughout, and Prandelli will now be hoping to emulate the current Guangzhou Evergrande coach's achievements.
Italy face Republic of Ireland in a friendly at Craven Cottage on Saturday, aiming to pick up a first win in six matches.
The Italians face England in their Group D opener on June 14, then take on Costa Rica and Uruguay.
