A possible mechanism for high-temperature ferromagnetic order in Si:Mn alloys is proposed. These materials, which are semiconducting or metallic, depending on the Mn content, are suggested to undergo phase separation. In the phase-separated state, again depending on the Mn content, Mn atoms can be gathered within nanometer-sized particles or micrometer-sized islands composed of the MnSi 2−z precipitate with z ≈ (0.25-0.30), which are embedded in the Mn-poor silicon matrix. We consider the MnSi 2−z precipitate to be the MnSi 1.7 silicide host containing a certain amount of magnetic defects associated with unbound Mn 3d orbitals. The MnSi 1.7 silicide is considered to be a weak itinerant ferromagnet, where sizable spin fluctuations (paramagnons) exist far above its intrinsic Curie temperature, leading to a strong enhancement of the exchange coupling between the local moments of the defects. As a result, a significant enhancement of the temperature of onset of long-range order among the local moments may be achieved. We associate this temperature with the global Curie temperature of the precipitate. A phenomenological model is developed to determine the spatial structures and characteristics of ferromagnetic order for the cases of a bulk precipitate and of precipitate particles of various shapes. Moreover, allowing for the presence of strong quenched disorder in the precipitate, we describe short-range ferromagnetic order in the system. Experimental data on Si:Mn alloys are interpreted on the basis of our theoretical results.