Hoddle was dismissed from the post in 1999 after he made controversial comments about disabled people in an interview with a newspaper. Now 54, the former Tottenham player has been without a managerial post since leaving Wolves in 2006 but admitted that he would relish another opportunity to take charge of his country at Euro 2012.
"If I were to die tomorrow, my life would be incomplete," he told The Independent.
"Would I get that opportunity [to manage England again]? Probably not. But I don't dwell on the past and, if we fast-forward to the present, I think we have a batch of players capable of going to the Euros and doing well."
Hoddle added: "I find it a very interesting moment. Knowing the score as I do – having experienced tournament pressure as a player and a manager – I believe, strangely enough, that the situation we are in presents a real opportunity for an England manager.
"Anyone who went to the tournament as a caretaker would have the pressure off him and the players would be liberated too"
“If it goes wrong, as in South Africa, people will say 'What did you expect?' and, if it works, it could be perfect for us to click.
"Because Stuart Pearce, Harry Redknapp, Roy Hodgson, myself - anyone who went to the tournament with the status of a caretaker would have the pressure off him and the players would be liberated too, not least those who have been on the fringes and are accustomed to thinking that the manager doesn't fancy them."
Tottenham manager Redknapp remains the clear favourite to succeed Fabio Capello but, with the FA yet to make any official approach, Hoddle believes that they should not rule out appointing a temporary boss for Euro 2012.
"Look at how a caretaker has worked for the England rugby team in the Six Nations - they've done fantastically," he observed.
"Everyone's got an edge. No-one's sure of a place and everyone has an incentive. So I'd back the FA if they decided not to go for a full-time manager yet. If Harry goes and does well, fine."
Hoddle won 53 caps for England as a player and led England to the second round of World Cup 1998 in France after taking over from Terry Venables as national coach. His side were defeated by Argentina on penalties after David Beckham had been sent off and Hoddle revealed that he has nightmares about that evening in St Etienne nearly 14 years on."Even to this day, just thinking about it sends a shiver down my spine. David [Beckham] should never have been shown the red card – it was a yellow," he said.
“It was one of those sad situations that befall England. There seems to be something every tournament.”