O’Leary is one of the greatest managers in Leeds’s history, having been in charge of the Whites from 1998 until 2002.
During his time at Elland Road, the former Arsenal central defender guided the West Yorkshire outfit to four top-five finishes in the Premier League and a Champions League semi-final.
The 59-year-old former Aston Villa boss, who also represented Leeds as a player in the 1990s, has not been in football management since 2011.
The Times has claimed that Leeds owner Radrizzani has invited O’Leary back to Elland Road for lunch and a game.
“I’m looking forward to taking in a few games,” O’Leary told The Times. “I came away from Leeds after five years so must have done all right.
“I did three-and-a-half years at Villa under Doug Ellis and that was a long three-and-a-half years believe you me. Nobody ever asked me again.”
Leeds are not in good form at the moment and are outside of the Championship playoff spots.
The Whites started the season strongly, but their recent results and performances have been disappointing.
The West Yorkshire outfit need to put together a run of positive results in the Championship after the international break.