Ex-England and Liverpool captain Steven Gerrard and MK Dons have been in contact over the vacant manager’s role.
It is not clear whether the 36-year-old midfielder, who is set to leave MLS side LA Galaxy in December, will retire from playing should he land the role.
He would succeed Karl Robinson at MK Dons, who are 21st in League One.
Gerrard, England’s fourth most-capped player, left Anfield in 2015 after 17 years in the first team, playing 710 times and winning eight major trophies.
MK Dons are exploring a number of opportunities, and Gerrard is understood to be one of numerous candidates.
Since announcing he is to leave the United States before the end of the year, Gerrard has been linked with moves to both Celtic and Newcastle United.
He has said he has “options on and off the pitch”, and former Liverpool defender Mark Lawrenson stated the Reds should re-sign him as a player-coach.
Gerrard is currently pursuing his Uefa A coaching licence – the second-highest qualification offered.
Why MK Dons?
England midfielder Dele Alli came through the MK Dons youth system before joining Tottenham in 2015
Robinson left the Dons in October after six years in charge, as their poor form from their first-ever season in the Championship continued when they were relegated back to the third tier.
The club prides itself on the football it plays and has an emphasis on their youth academy, which saw England and Tottenham midfielder Dele Alli come through its system.
And chairman Pete Winkelman said following the departure of Robinson that his ambition was to take the team into the Premier League, adding that an important factor in the appointment of the next manager was “playing modern football”.
“We’re a young football club and we want to play football like the big boys play,” said Winkelman in October. “We might not play it at the same speed or accuracy but I want our supporters to recognise that football.”
Why Steven Gerrard?
Steven Gerrard captained England at both Euro 2012 and the World Cup in Brazil in 2014
Gerrard, the only player to score in the final of the FA Cup, League Cup, Champions League and Uefa Cup, could take his first step into any sort of coaching role with the Dons.
But the Buckinghamshire side do have a history of giving people their first management job in football, having handed Robinson the role at the age of just 29, making him the youngest manager in the Football League.
Gerrard would also not be the first high-profile appointment to be made by the club.
Former Chelsea midfielder Roberto di Matteo and ex-England international Paul Ince were both appointed as manager of a side that has spent 10 of its 13 years in existence in the third tier of English football.