Everton are yet to appoint a manager since sacking Ronald Koeman in October.
Stubbs says he is open to working under Big Sam if the opportunity were offered to him.
He told TalkSport: "Everybody know what Everton means to me and at this moment in time I’m twiddling my thumbs in the house and waiting to get back into football,” he said.
“If the opportunity came along, I’d find it very difficult to say no.”
Stubbs worked as a coach at Everton in 2008, and had an interview for the manager's job five years later.
He went on to manage Scottish side Hibernian and more recently Rotherham United, and is currently out of work.
Stubbs played for Everton between 2001 and 2005, where he played alongside current Toffees caretaker boss David Unsworth for three years.
Everton are in 16th place in the Premier League table and take on former boss David Moyes' West Ham tonight.