FIGC president Carlo Tavecchio said a "shared solution" was necessary after Italy's first failure to qualify since 1958, following their 1-0 aggregate defeat to Sweden in a two-leg playoff.
"We are deeply bitter and disappointed over the failure to qualify for the World Cup, it is a sporting failure that needs a shared solution," said Tavecchio in an FIGC statement.
"For this reason I called a meeting tomorrow... to conduct a thorough analysis and decide on future choices."
Ventura, whose contract was extended in August to run until the Euro 2020 tournament, refused to step down immediately after the 0-0 draw against Sweden on Monday.
The 69-year-old - the oldest man ever to coach Italy - was described by Tavecchio as a "master of football" when he replaced Antonio Conte following Euro 2016 and was initially given a two-year contract.
Ventura has never won a major title or coached any of AC Milan, Inter Milan and Juventus and has spent much of his career in the lower divisions.
However, he has enjoyed a long, steady career in Italy and has a reputation for nurturing young talent.
He also gained widespread respect following a five-year spell with Torino when he led them out of Serie B and to several respectable finishes in the middle and upper half of Serie A.
Italy finished second in their European qualifying group behind Spain, forcing them to face Sweden for a place in Russia.
Ventura has been in charge for 17 games with 10 wins, four draws and three defeats.
(Writing by Brian Homewood; Editing by Christian Radnedge)
