Spurs have placed technical co-ordinator Tim Sherwood in interim charge of first-team affairs with former England boss Fabio Capello the bookmakers’ favourite for the post full-time.
Hoddle has not worked in management since leaving Wolves in 2006 but a story on a website co-founded by the 56-year-old read: "Zapsportz.com understands that Hoddle will certainly help if the club makes an approach."
The former England manager played 377 times for Spurs between 1975 and 1987 before returning for a two-year period as manager in 2001.
Hoddle has won the backing of another Tottenham favorite, Gary Lineker, who tweeted: "Would love to see Glenn Hoddle given another chance at this level. Has a brilliant football mind."
Sherwood’s first assignment as interim boss will be Wednesday’s Capital One Cup match against West Ham.
Villas-Boas’ predecessor Harry Redknapp is confident that Sherwood has the necessary credentials to become the leading man on a full-time basis.
"Tim should get the job permanently and work alongside Les Ferdinand," Redknapp told the Sun. "Together they are old-school Spurs and would do a tremendous job.
"I brought them both back to the club because they understand the place. They are great coaches and don’t forget, Tim was captain at Blackburn when they won the league in 1995."