Ferrari, founder of the firm that produces some of the world’s fastest and most expensive cars, died in 1988 at the age of 90.
He made the company’s prancing horse logo an internationally recognised brand and is buried in a ground-level family tomb in the San Cataldo cemetery in Modena.
It is situated near the Ferrari plant at Maranello in central Italy.
The gang had reportedly carried out surveillance of the tomb – and had also arranged for someone to keep the body and get in touch with the Ferrari family.
The plot was uncovered during an investigation into arms and drug trafficking during which 34 arrest warrants were issued.
Raids took place involving 300 officers and resulted in a number of arrests.
Details of the plan were revealed during a news conference by police in Nuoro on the island of Sardinia.
The organised gang is said to have been based there, as well as being active in northern Italy.