The Serbian has been in charge of I Rossoblu since the summer of 2019 but he has been linked with the Lazio coaching role.
According to Il Resto del Carlino, Bologna have been looking at Ranieri as a successor to Mihajlovic just days after he departed from Sampdoria and Mazzarri is also being considered despite being sacked by Torino during the 2019/20 Serie A season.
Other options that have linked with the Emilia-Romagna club are Luca Gotti from Udinese, and Roma great Daniele De Rossi, who is now a part of Roberto Mancini’s coaching staff with Italy.
Ranieri had been appointed coach of Sampdoria in October 2019 and he left the Blucerchiati after the conclusion of the 2020/21 season.
Meanwhile, Mazzarri is known for his coaching spells at Napoli and Inter, but he was the assistant to Renzo Ulivieri at Bologna from 1996 until 1998 and he coached their primavera squad from 1999 until 2001.