There has been speculation in the Italian media that Prandelli will not continue as coach beyond his current contract -which expires at the end of the World Cup - and will return to club football.
"Will I leave the Italy bench after the World Cup? I haven't announced anything yet," Prandelli told the Gazzetta dello Sport.
"Will I stay? Now we (the Italian Football Federation and Prandelli) will talk with calmness and we will see.
"I can only say that by the time we are in Brazil we will already know where my future lies.
"If the decision is made earlier than that, we will inform everyone.
"I will meet the federation executives and we will announce our decision."
The former Atalanta, Parma and Fiorentina coach replaced Marcello Lippi shortly after the 2010 World Cup and succeeded in rebuilding the team following the international retirement of several key players.
The 56-year-old soon earned the admiration of the nation after guiding the Azzurri into the final of Euro 2012, where they lost to Spain.
"I am very happy that the fans want me to stay and I thank them," Prandelli said.
"We have tried to do well and to bring the people closer to football."
Italy have already booked their ticket to next year's finals in Brazil with two qualifying games to spare.
Prandelli's side remain unbeaten in Group B and are seven points clear of nearest rivals Bulgaria.
The Azzurri have won six of their eight qualifying matches, scoring 15 goals and conceding just five times.
Italy tackle Denmark on October 11 before ending their qualifying campaign at home to Armenia four days later.