Ventura said after the match that he hadn't resigned because he hadn't discussed it with federation president Carlo Tavecchio.
On Tuesday, Tavecchio said he was calling a meeting for Wednesday to put together "an in-depth analysis and decide on choices for the future."
Ventura's contract was recently extended to 2020 but the deal includes a stipulation that it could be voided in case of a failed qualification.
Italy was eliminated after a scoreless draw against Sweden on Monday produced a 1-0 aggregate loss.
Previous Italy coach Antonio Conte, Carlo Ancelotti, Roberto Mancini and Massimiliano Allegri are being mentioned as possible replacements.