The next Italian elections are scheduled for March 4 and will possibly see the first democratically elected Prime Minister after five years of unelected leadership.
Mr Padoan himself revealed he had attended meetings in Brussels to discuss a candidacy as Italy’s next Government leader.
He said: “There have been meetings and I have made myself available. I am available.”
The move would see the Democratic Party (PD) – in power since 2013 but struggling to keep up in the latest polls – rekindle a difficult relationship with the European leadership in Brussels.
The European Union has always considered Mr Padoan to be an “old style” political figure, putting its trust of the Economy Minister to resolve the constant economic crisis Italy has been muddling through over the years.
His candidacy at the Italian elections would certainly ensure a closer relationship between the Southern European country and Brussels, especially considering Mr Padoan’s past history of strong cooperation with the EU.
Mr Padoan repeatedly expressed his support for the European project, expressing favourable views about EU Commission Jean-Claude Juncker’s plans to further integrate the union once Brexit becomes official in 2019.
But the rumoured PD candidate would have to face off the increasing threat of the strong right-wing coalition led by former PM Silvio Berlusconi – who brought together the eurosceptic parties Northern League and Brothers of Italy.
Polls show Mr Berlusconi‘s coalition in the lead with about 34 percent of the vote, followed by anti-establishment 5 Star Movement (M5S) at 27 percent. PD fell behind, stopping at 24 percent of public support.
Marco Caciotto a politics professor at the University of Turin said: “In a time of uncertainty, Berlusconi is a known quantity.
“It’s like people buying old brands in times of crisis.”
The billionaire media tycoon was widely written off after he quit as prime minister in 2011 amid a sex scandal, but he has made a remarkable political comeback.