The Daily Mail says FAW will speak to Manchester United this week about involving Giggs in their coaching set-up when manager John Toshack quits.
Toshack is expected to confirm his departure this week, although he may agree to remain in charge for next month's qualifying doubleheader against Bulgaria and Switzerland so as not to leave his country in the lurch.
One possibility under discussion involves asking Giggs to be involved with a new - or caretaker - coach for the remainder of this international season.
That would involve Giggs teaming up with Wales for matches and working in a new set-up but would not lumber him with the responsibility of scouting players or picking squads.
Such an arrangement is much more likely to appeal to the former Wales captain, and indeed to United, at a time when Giggs is still trying to extend his playing days.