Crystal Palace co-owner Steve Parish says Shaun Derry's return would be up to manager Alan Pardew.
Derry lost his job at Notts County last week.
"I don't think Shaun sees himself coaching in the academy, I think it's more towards being a manager," Parish told the Croydon Advertiser.
"It's difficult but it would be up to Alan. He sorts out his coaching staff and he's obviously been working with Keith Millen and Ben Garner.
"It's important we keep stability and the manager has got input on who he wants.
"First team, who he wants around him, is down to him."