The former Manchester United manager lasted just three games into his job at Bayer Leverkusen this season before being axed.
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But he could be offered a return to management by Ajax in the New Year, says De Telegraaf.
The board are reluctant to act at this point in the season as Johnny Heitinga struggles to win over Ajax fans, but if results do not improve the former Liverpool coach will be removed over the Dutch winter break.
Should that happen, Ten Hag is primed to return and has let it be known he'd be open to discussing the prospect of a second stint.
The Dutch coach won three Eredivisie titles, two domestic Cups and made it to the Champions League semi-finals in 2019.