The 32-year-old, who almost joined Blues back in 2005 before rejecting a switch due to the complaints of a small section of the club's fans, is currently out of favour at Upton Park.
But McLeish is unconcerned by previous events and is confident the former England international could do a job for his side.
"I would have no qualms about bringing him into the set-up at Birmingham," said McLeish.
"I think he's probably learnt some harsh lessons in life. At the time he was probably a daft young boy."
He added: "We had talks with Lee and we're now waiting for an answer. I think he was pretty receptive with the plans I have for the team for the second half of the season and beyond. He's a player I've always admired.
"He's a bit of a dynamic player and I want to bring a dynamic look back to the team."