The Championship outfit sacked Bob Peeters on the weekend.
The London Evening Standard says Belgian owner Roland Duchatelet is expected to turn to Luzon.
The 39-year-old Israeli has close links with Duchatelet, who is looking for his fourth manager since taking over a year ago, having worked for Standard Liege, one of his network of six clubs across Europe.
Luzon left Standard Liege after 18 months in charge in October after supporters rioted and demanded he was sacked following the club's poor start to the season. Before his spell in Belgium, he spent three years as Israel Under-21 boss and he has also managed a number of clubs in Israel.