As per bookmakers, Klopp is currently the favourite to replace Liverpool boss Arne Slot who picked up another loss against Nottingham Forest at the weekend, leaving his side in 11th place.
The Reds have now lost six of their last seven Premier League games, and eight of their last 11 outings across all competitions as their title hopes come to a close.
Klopp admitted earlier this year that he could return to the touchline, but only for Liverpool which sparked rumours about a possible comeback.
“I said I will never coach a different team in England so that means, if (I did return), then it’s Liverpool.
“So, yeah, theoretically it is possible.”
Adding to this, Hoeness has backed Klopp to return to management after being Red Bull’s Global Head of Soccer for nearly a year now.
“I could never imagine him as an official travelling around the country, to New York, looking after the various teams,” he said on the OMR podcast.
“And I don’t think that will be a good model in the long run. I also don’t think he’ll do that forever, I can’t imagine it.”
Slot led the Reds to the title following Klopp's departure, but after a very expensive summer of spending, he has been unable to build upon that landmark achievement.
Klopp is tipped to take the job is Slot does depart in what could be a fairytale return for the German coach who may be open to taking the reigns once more.