The former Orlando Pirates head coach is highly regarded within the East African country after guiding them to their first Afcon tournament in 39 years.
Sredojevic has been linked with the vacant Bafana Bafana job as well as a return to Pirates for some time now.
The coach, however, still has a year left on his contract with the Ugandan FA, but said he would consider returning to South Africa should there be concrete offers for his services
"Personally, I am more than open [to return to SA], but as a professional I am still focused on my job with Uganda until the right time and the right project comes," Sredojevic told The Sowetan.
Micho, as he is affectionately known, Sredojevic refrained from answering any further questions regarding his future instead directing all questions onto his business manager Ivica Stankovic.
Stankovic admitted that they have received inquiries from South Africa, but revealed that none of the interested parties has put forward an offer.
"Everything is possible at this stage. Nothing is closed. We will sit together and speak to Uganda to see the way forward," Stankovic said.
"There has been interest coming from South Africa before, but there is nothing concrete on the table. Also, a lot has been said in the media."