Hull sacked Leonid Slutsky late on Sunday, following Saturday's 2-2 draw at Sheffield Wednesday, which extended the Tigers' winless run to seven matches.
The Daily Mirror reported last month that former Sheffield United manager Nigel Adkins and ex-Wolverhampton Wanderers boss Paul Lambert were both in the frame should Slutsky depart, and the pair are again listed in the Hull Daily Mail's report.
However, it is possible they could face competition from Grayson, who was sacked by Sunderland at the end of October.
Ripon-born Grayson, who led former clubs Blackpool, Leeds United, Huddersfield Town and Preston North End to promotion from League One, was unable to arrest Sunderland's post-Premier League slide and left them 22nd in the Championship.
And with Hull only two places higher than that themselves, the 47-year-old could encounter similar problems at the KCOM Stadium.
Would Grayson be a good appointment for Hull?