The World Cup winning captain will replace Lele Cioffi, who is set to be removed by the Udinese board.
Cannavaro will have a contract to June, says TMW, with the simple brief to keep the Zebrette in Serie A.
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He will have five games - plus the remaining 20 minutes of their clash with Roma - to keep Udinese up.
Defeat to Verona has seen Udinese earn one point from the last four matches and were level yesterday with third from bottom Frosinone.
Cannavaro last job was with Serie B Benevento, which saw them relegated to Serie C.