The 52-year-old has been out of work since leaving Fleetwood in November of last year, having endured a run of seven defeats in eight games to leave the club 22nd in League One.
That followed a brief second stint as manager of Blackpool, which came to an end in February 2020 after a run of just one win in 12.
He had been appointed the previous June after former boss Terry McPhillips had opted to step down.
Grayson previously enjoyed a lot more success in his first stint in charge at Bloomfield Road, leading the club to promotion to the Championship in 2007.
He left the Fylde coast to join boyhood club Leeds United, before going on to manage Huddersfield Town, Preston North End, Sunderland and Bradford City.
Speaking recently, Grayson hinted that his future could lie away from these shores.
"The club approached me about this job," Grayson told the Sacked In The Morning Podcast. "But it's not close to home. it is quite far away."
Grayson didn’t reveal who the club was or which country they were based in.
"The club got in touch with me through my agent and then we set up this Zoom call this morning and went through the process of me getting to know them and them getting to know me,” he added.
"It is something I have been looking into. Do I want to broaden my horizons in a different country?"