The Sun says the 35-year-old is banned from football until June 1 for betting on 1,260 matches — but will have options to return immediately.
Clubs in the lower leagues have shown interest in making the ex-Manchester City midfielder a boss.
And the League One Cod Army are in pole position to snap him up for next season.
John Sheridan was appointed at Highbury Stadium until the end of the campaign to steer them to safety.
But Fleetwood are looking at ALL options as they fear the drop and could give the ex-England midfielder — banned from football almost a year ago — his first steps in management.