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Italy have not fared well since Conte's departure, failing to qualify for the 2018 World Cup.
"I never said I preferred Conte", continued Costacurta, who had said in an interview this week the Chelsea boss was the number-one choice.
Another to have been linked with the role is Milan boss Gennaro Gattuso, but Costacurta says such an appointment would be too early in his former team-mate's career. He has already shown he knows how to be national team coach while the [other candidates] haven't yet.
The 48-year-old has previously managed Italy between 2014-16.
Conte led the Italian national team as head coach in Euro 2016, with the Azzurri being knocked out in the quarter-final stage by Germany. "I'll definitely talk with him in a couple of months", Costacurta said.
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Despite winning the Premier League in his first season in charge, Conte has overseen a recent hard run of form with his club now sitting in fifth, two points below a Champions League spot. They were Antonio Conte, Carlo Ancelotti, Roberto Mancini and Claudio Ranieri.
"That does not mean I wouldn't be fine about having Mancini, Ancelotti - who, however, appears to have pulled himself out of the running - or even Ranieri, who had a hard experience with Greece, but emerged from that strengthened and then went to Leicester", he added.
And although Conte has reiterated his desire to see out his contract at Stamford Bridge, Roman Abramovich may have other ideas, given his penchant for swinging the ax in times of crisis.
Speaking to Sports Media Set, he confirmed that Conte, Di Baggio and Mancini are the main contenders.
"I agree Buffon's last game with the national team should not be the Sweden one".
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