The 44-year-old was sacked by Inter Milan 12 months ago and has been out of football since then.
Mancini told Sky Italia: “I am honoured to have had an offer from Sunderland Football Club. It is a fantastic opportunity.
“It will be truly wonderful to lead such a prestigious and historic club in England after a year of sitting on the sidelines.
“I feel I am ready to start again with immense enthusiasm.”
