Montezemolo, the president of Italy's national airline Alitalia who was not present at the announcement, led the organising committee for the 1990 soccer World Cup in Italy.
"There isn't another Italian personality who is as popular as he is abroad," Malago told reporters. "That says it all."
Luca Pancalli, the president of Italy's Paralympic committee, was named vice president of the bid committee. "We'll try to complete the team as soon as possible," Malago said. "An important and experienced woman manager will be a part of the team."
Montezemolo resigned from Ferrari last October after 23 years at the Italian car manufacturer as both manager and president.
Appointed president of the Formula One team in 1991, he presided over a golden era in which Ferrari won eight constructors' titles and six drivers' crowns.
Rome, which hosted the Olympics in 1960, is so far up against Boston and either Hamburg or Berlin in Germany.
Paris is also expected to enter the race while other possible contenders are Qatar's Doha, Budapest, Istanbul and Baku in Azerbaijan, as well as a potential bid from an African city.
"I'll have to try very hard not to express any feelings regarding our opponents until 2017," Malago said. "It will be a tough battle but I'm sure we can win it."
The IOC will select the host city in 2017.
(Reporting by Jacopo Lomonaco, Editing by Ed Osmond)
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