The striker was released by Celtic on Wednesday and the former Hibernian boss wants a reunion.
Anthony Stokes celebrates after scoring the first goal for Hibernian
Celtic released Stokes on Wednesday after they decided not to activate a clause in his contract to add another year to his deal.
Anthony Stokes (R) scores the second goal for Hibernian
He fell out of favour under Ronny Deila last season making just two appearances under the Norwegian boss, instead spending time on loan at Hibernian with Stubbs.
While there he became a hero, bagging nine goals in 25 appearances, the most crucial of which were the two goals in the Scottish Cup final win over Rangers.
Those goals led them to their first cup success in 114 years, and Stubbs has admitted that he wants a reunion with the striker in the Championship.
"I wouldn't rule out an interest in Anthony Stokes. But we wouldn't be on our own," he told talkSPORT. .
"There will be a number of clubs interested him, particularly if it's a free transfer. I know him from his time at Hibs and at Celtic. Obviously, it doesn't hurt that I have a good relationship with him already.”
Hibernian manager Alan Stubbs looks dejected after losing the Scottish League Cup Final
As Stubbs admits, there is certainly likely to be plenty of interest in Stokes’ services this summer.
He managed 77 goals in 192 appearances in his time at Celtic, which is a more than decent return, while his displays at Hibernian will not have been missed either.
A reunion with Stubbs would make sense though, and would certainly represent something of a coup for them should they get the deal over the line.
Anthony Stokes celebrates with teammates after scoring the first goal for Hibernian