Ventura's dismissal was confirmed on Wednesday after several days of speculation in the wake of Italy's failure to qualify for the 2018 World Cup, the first they will not feature in since 1958.
The 69-year-old took charge in July 2016, succeeding Antonio Conte, and guided Italy to second place behind Spain in their World Cup qualification group.
"The problems of Italian football can't be resolved with just the firing of the national team coach".
"I'd try to convince him in every way, because what he did with the national team was something great".
FIGC president Carlo Tavecchio later told reporters that he had spoken to Ventura and "told him we no longer had need of his services, so as of today, Italy does not have a coach".
President Giovanni Malagò said that he would resign if he were Tavecchio.
A new coach is expected to be named at the FIGC federal council's next meeting on November 28.
"(Tavecchio) will have the responsibility (to submit to the federal council) a series of proposals on which the members of the council will be called upon to give their opinion", the statement added.
Ventura said his record was "one of the best of the last 40 years".
Italy faced Sweden in a two-legged World Cup qualification playoff and ultimately fell short of expectations, losing 1-0 on aggregate thanks to the first-leg defeat in Solna.
"I lost only two games in two years", he had told Italian television show Le Iene in a brief interview.
The same report suggests that fellow Italians Carlo Ancelotti and Roberto Mancini - the latter of whom is now under contract at Zenit St Petersburg - are also in the running to replace Ventura.