Definition of "magnifico"

For be assured of this, / That the Magnifico is much beloved,

c. 1603–1604 (date written), William Shakespeare, “The Tragedie of Othello, the Moore of Venice”, in Mr. William Shakespeares Comedies, Histories, & Tragedies […] (First Folio), London: […] Isaac Iaggard, and Ed[ward] Blount, published 1623, [Act I, scene ii], line 12