A disappointing season for Inter saw them fail to qualify for Europe and their ninth-place finish has cast doubts over the future of current manager Andrea Strammaccioni.
Mancini, who was recently sacked by Manchester City, spent four years in charge at the San Siro and Moratti would not dismiss a return for the 48-year old.
"Mancini as a possibility? Everything is possible in football," he told Football Italia.
However, he was quick to deny suggestions of a move for former Napoli boss Walter Mazzarri.
"The signing of Mazzarri? That has no truth to it. This rumour is probably circulating, but it's not true," said Moratti.
"Strammaccioni? There is nothing to announce," he added.