Here are five possible destinations...
Bundesliga side Schalke have suffered a disappointing season by their standards this term, narrowly getting through the Champions League group stages and sitting just outside the automatic qualification places for next season's competition in the German league.
Boss Jens Keller's position has thus come under intense scrutiny throughout the campaign, with the 43-year-old facing exit rumours for the last few months.
Former Tottenham coach Andre Villas-Boas has already been linked with the German side this season - but Laudrup could be seen as a safer option than the Portuguese by the Schalke hierarchy, should Keller be given the sack.
The Dane is yet to prove himself at a top club but a possible move to Paris Saint-Germain was mooted last summer, so a big team could be ready to give the 49-year-old a chance.
Another manager under pressure in Europe is Walter Mazzarri, whose Inter side have fallen to sixth in the Serie A table. Inter's 3-1 defeat to Juventus, moreover, has increased speculation about Mazzarri's future, with the Italian's men brushed aside by the league champions with worrying ease.
In response, owner Erick Thohir has issued his manager with the dreaded vote of confidence, telling the club's official website: "To achieve the first target we have hired one of the best Italian coaches in circulation, Walter Mazzarri, with whom we are working for the present and planning for the future."
Should Thohir lose patience with the 52-year-old, however, Laudrup could be the perfect replacement in waiting.
Back in the Premier League, meanwhile, relative uncertainty exists over Tim Sherwood's future as Spurs boss.
The 44-year-old has an 18-month contract at White Hart Lane but reports have nevertheless linked Netherlands coach Louis van Gaal to the Tottenham job come the end of the season.
But if chief executive Daniel Levy does decide to move on from Sherwood in the foreseeable future, Laudrup might provide a cheaper alternative - and one that would bring a typically Tottenham style of play to north London.
A more immediate option might exist across the capital at Fulham. Rene Meulensteen only replaced Martin Jol as Cottagers boss earlier this season but the former Manchester United first-team coach has hardly overseen a drastic improvement in results.
Fulham currently lie bottom of the Premier League and some bookmakers now value Meulensteen as their favourite to get the sack - especially after their FA Cup exit at the hands of Sheffield United.
If the Fulham job did become available, Laudrup might just be owner Shahid Khan's best option not currently attached to a club.
Another Premier League opportunity that could present itself sooner rather than later to the Dane lies at Carrow Road.
Indeed, Norwich boss Chris Hughton has been under pressure all season and Laudrup's availability might prompt the Canaries owners to act fast if they see the 49-year-old as an upgrade on their current coach
Hughton's side are 15th in the table, two points off relegation, and have won just once in their last nine games. A change at the top might just be considered the perfect remedy.