The 39-year-old acknowledged his desire to one day return to Anfield to manage the club, but insists he is still committed to Bayer Leverkusen
The former Finland international featured for 10 seasons at Anfield as a centre-back and was an integral part in the club’s Champions League success during the 2004-05 season.
Hyypia played his final two years with Leverkusen before retiring in 2011 and was named head coach of the club in 2012.
"I have got two special places in my heart," the 39-year-old told Bild.
"I was born in Finland and there the job as the national team coach is the biggest job. Liverpool is the other place in my heart.
"I don’t want to say that’s my goal, but after the 10 years I played there it would be a dream to one day be the Liverpool manager."
Hyypia was named the permanent Leverkusen boss in May 2012 after taking over as caretaker the previous month and he promises that he remains committed to coaching the German outfit despite his Anfield aspirations.
He added: "I live in the here and now, and that means Bayer Leverkusen, which gives me a lot of pleasure."
After a 2-1 victory over Real Sociedad in the Champions League on Wednesday, Leverkusen take on reigning champions Bayern Munich in the Bundesliga on Saturday.