Former Manchester United No2 McClaren, who left the England senior job after failure to qualify for Euro 2008, is believed to be a candidate for the post, a stepping stone to making him a possible successor to Stuart Pearce.
Pearce's contract is unlikely to be renewed following this summer's Under-21 European Championships.
Asked about a possible return to the FA ranks, McClaren said: "I have always said that I want to give something back.
"I've seen how Holland and Germany have developed their youth programmes. I can see that working in England."