The Football Federation Victoria club which plays in State League division Two North-West are keen on luring the 31-year old out of retirement and will find out today if they have successful persuaded him to undertake a development coaching role alongside being a player.
If they are successful, it will be the biggest signing in the league according to Red Devils board member Duncan Smith.
"If we sign (Milosevic) he will clearly be the biggest name in Victorian Football Federation State League two,'' Smith said.
"I reckon we're better than 50-50. I don't know if it's 60-40 or 70-30, but we are right in the frame. He is moving to Victoria. Whether he comes to Ballarat or Melbourne depends on whether we convince him it is best for his football and his family.
"We plan to sell (Milosevic) the benefits of Ballarat and Ballarat football, and where the sport is headed. We need to sell him where he can make a major contribution, and also the benefits of living in Ballarat for his wife and child.''
Melbourne-born Milosevic kicked off his professional career in 1995 with the Canberra Cosmos before moving to Europe where he joined German club Arminia Bielefeld and then onto Preussen Munster.
He then returned to Australia to take up a contract with the Perth Glory in 1998 before heading back to Europe where he joined Leeds United. During his tenure at Elland Road, he had loan spells with Wolves, Plymouth Argyle and Crewe Alexandra before moving to Scotland to join Celtic in 2004.
Since then he has played for the New Zealand Knights and went on loan to the Glory from Inglewood United in 2007 but was forced out of Perth because of 'internal politics of the boardroom and coaching staff'.
He has also represented Australia at U17, 20 & 23 levels and was a member of the Olyroos squad at the 2000 Olympic games.