MOEDLING, Austria (Reuters) - Italy's Fabio Cannavaro had a successful operation on his ankle ligaments on Wednesday and should return to action in around three months.

The defender was ruled out of Euro 2008 after being injured on Monday when he was tackled by team mate Giorgio Chiellini in Italy's first training session in Austria.

"The surgery lasted little more than half an hour and was perfectly successful," the Italian soccer federation said in a statement after the Real Madrid player went under the knife at a clinic in Vienna.

Italy team doctor Andrea Ferretti told reporters: "Three months is a reasonable prediction."

Cannavaro will stay with the squad in Austria to offer support during the tournament. The federation said UEFA had given the 34-year-old a special accreditation for the finals and he is now hoping to be allowed to sit on the bench during games.

He was replaced in the squad by Alessandro Gamberini although a decision on who will take over as captain has yet to be made.

The world champions start their campaign against Netherlands in Berne on Monday before facing Romania and France in a tough Group C.

(Reporting by Mark Meadows, editing by Ken Ferris and Trevor Huggins)