Cannavaro has been linked with a move to Napoli, where he began his career in 1992, and the Italy international has refused to rule out a possible move next summer.
His contract with Real Madrid expires in June 2009.
“I will talk with Real, but we will see,” he said.
“I’ve always said that I would like to come back home.
“I left Napoli due to the club’s financial troubles, but they are in better shape now and I know both president (Aurelio) De Laurentiis and sporting director (Pierpaolo) Marino hold me in high regard.”