The 24-year-old retained the world title in dominant fashion last season, winning a total of 11 grands prix and also breaking Nigel Mansell's record with a total of 15 pole positions.
The last driver to win back-to-back titles was Ferrari's Fernando Alonso when he drove for Renault in 2005/06. Alonso's current Ferrari contract lasts until 2016 and Domenicali refused to rule out the possibility of Vettel joining him.
Vettel's deal at Red Bull runs until 2014 and he has expressed a desire to join the Maranello marque in the past.
Ferrari are also apparently interested in Robert Kubica but Domenicali has denied that the Pole, who is still recovering from injuries sustained in a rally crash last year, has signed an agreement with them.
"Never say never," Domenicali said at Ferrari's annual 'Wrooom' media event in the Italian Dolomites. "He (Vettel) is a great driver and he did an incredible season. Two seasons in a row to win is not easy.
"Last season, with the pole positions and the number of victories that he achieved. In comparison, if you look at his achievements with the others....so we will see."
Vettel's titles have come in tandem with Red Bull designer Adrian Newey but while paying tribute to the latter's talents, Domenicali said he preferred to concentrate on Ferrari's current team of engineers.
Asked about the possibility of Newey joining somewhere down the line, he said: "I think that Adrian Newey showed his capability in a fantastic way in the last couple of years. But what he would like to do in the future, well we will see."
Domenicali added: "I want to make sure that my engineers, my technical directors, my chief designer is pushing like hell.
"I want for them to show to him how good they are. That's my objective at the moment."