Mancini's future at Manchester City remains uncertain with the Premier League champions 12 points behind rivals Manchester United in the title race and enduring a disastrous campaign in the Champions League.
Manchester City can still win the FA Cup this term, having already reached the semi-final, but even victory in the competition the 48-year-old won in 2011 may not reportedly be enough to save Mancini from the chop.
According to The Mirror, Zenit are monitoring Mancini's situation at the Etihad Stadium and believe that, despite the Italian signing a new five-year contract only last year, he could leave Manchester City in the summer.
Zenit have reportedly identified Mancini as the ideal candidate to take the club forward having decided to get rid of Spalletti with the club only third in the Russian Premier League despite some excessive spending in recent months.
Spalletti has not provided Zenit chiefs with the results expect following an outlay of £64 million last summer to sign Brazil striker Hulk and Belgium midfielder Axel Witsel in last summer's transfer window.