The move paves the way for Rossi to be appointed as chairman of Italy's biggest phone group. TIM's board will meet on Monday to name the successor to Fulvio Conti, who stepped down as chairman last month.

Rossi, 70, served as director general of the Bank of Italy until May this year and has also headed the domestic insurance industry watchdog.

(Reporting by Elvira Pollina, editing by Silvia Aloisi)