Claudio Ranieri was dismissed by the Premier League champions on Thursday, nine months after leading Leicester to the title, and Rowett said he would be interested in succeeding the Italian.
Rowett, who played for Leicester between 2000 and 2002, has been out of work since his unexpected sacking by Birmingham in December.
The team were seventh in the Championship table but have plummeted down the standings under his replacement Gianfranco Zola, causing the 42-year-old's stock to rise further in comparison.
"I'm sat at home waiting for the right opportunity to come along and, of course, Leicester would be an amazing one but I think it's still raw for everybody, it's still raw for the media and everyone in football but no, nothing yet," Rowett told the BBC.
"I played there for two years. I played a season in the Premier League and we played in the UEFA Cup, so I had good experiences at Leicester and it's an excellent club.
"It'd be a daunting one for any manager just because of the fact of what they achieved last season. Nevertheless, it'd be a fantastic opportunity for someone and, of course, most opportunities usually come on the back of someone else's sad fate."