Milan Mandaric is busy searching for a successor to Gary Megson and he is thought to be looking for an experienced candidate to take the reins at the club.
Royle is thought to be top of Mandaric's wanted list, with the Foxes chairman admitting he is an admirer of the former Oldham chief.
The 58-year-old has now revealed he is set to meet with Mandaric about a possible return to football.
"All I know at the minute is that I am due to meet Milan Mandaric later this week," Royle told skysports.com.
"After that we will see what happens."