The London Evening Standard says the Scot is one of a number of names in the running to replace former manager Craig Levein at Tynecastle, with Billy Davies and Felix Magath also in the frame.
The former Eagles boss returned Selhurst Park as sporting director in August 2017 but has divided opinion among supporters for his role in transfers.
Palace were unable to land key targets over the summer and players brought in by the club have seemingly not been favoured by manager Roy Hodgson, with the likes of Max Meyer and Victor Camarasa on the periphery of the squad.
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