BBC Radio Derby reported on Tuesday that McClaren, who has had two spells in charge of the Rams, heads back to Pride Park in an advisory role for the prospective new owners.
Current owner Mel Morris is in the process of selling the Championship side to Abu Dhabi royal Sheikh Khaled bin Zayed Al Nehayan in a £60million deal.
McClaren spent time at Derby as a player from 1985 to 1988 and managed them in two spells, from 2013 to 2015 and for one year in 2016-17 season.
His return would see him provide a sounding board for new owners Derventio Holdings, the company set up to manage the takeover of Sheikh Khaled.
Need a VPN? Or seeking to switch? Then support Tribal Football by clicking here to sign up with our official partners NordVPN. Not only will you receive the best VPN experience, but also great discounts by signing up via Tribal Football. Thanks for your support!