The 46-year-old suggested that he would find an approach hard to turn down, unlike previous offers, but added that there are numerous high-calibre candidates in the running
The 46-year-old is currently out of work having been sacked by Bolton in October, while the national job is available after the SFA dismissed Craig Levein.
Though the Scot chose to represent the Republic of Ireland at international level, after qualifying through descent, the former striker turned out for a number of Scottish teams throughout his playing career.
But he has now suggested that he would like to lead out his home country in a different way, insisting there is enough quality in the squad to be optimistic about the future.
"I'm always open to hearing what someone has to say," he replied when asked by BBC Radio Scotland if he was interested in the position.
"It's a great job, that's for sure, a fantastic job for whoever's lucky enough to be asked to lead Scotland.
"I've already turned down a couple of approaches down here but I've listened to what people have had to say.
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Under Levein, Scotland managed to record just two points from their opening four World Cup Qualifiers; form that sees them sit at the foot of their group, eight points off Belgium and Croatia at the top.
Although the 48-year-old's misfortune may see Coyle given the job, the former Burnley boss offered his sympathy to his fellow countryman, highlighting the results-driven nature of the game.
"My first thoughts are with Craig, as I get on very well with Craig," he added. "I think we all understand how that works in football, and I wish him well for his speedy return to the game.
"I think Scotland are very fortunate that there's many fantastic candidates capable of doing that job."
Other names being touted with the post include former Celtic manager Gordon Strachan, who said he would be honoured to take charge, as well as former Aston Villa boss Alex McLeish.