The former Three Lions manager could lead the Under-20s side in a summer tournament in Turkey before potentially taking over the Under-21s side from Stuart Pearce
The 51-year-old's role as coach of the senior national side ended ignominiously in 2007 after a 3-2 home defeat by Croatia meant the Three Lions had failed to qualify for Euro 2008 - the first failure to qualify for a major tournament in 14 years.
The coach is currently without a club after leaving Dutch side FC Twente at the end of February, and leading the Under-20s into the June tournament in Turkey could be a precursor to taking over the England Under-21 side from Stuart Pearce.
"I have always said that I want to give something back," he told Sunday People Sport. "I've seen how Holland and Germany have developed their youth programmes. I can see that working in England."
The Under-20s role has been publicly advertised despite the reported anger of the FA's coaches, and with Pearce's future in doubt after this summer's Under-21 European Championships, McClaren could be next in line for the role.
McClaren was appointed assistant manager at Manchester United in 1999 before coaching with England, and has since managed Middlesbrough, England, Twente, Wolfsburg, Nottingham Forest and Twente once again.