Sunderland are on the hunt for a new manager and coaching team, having parted company with Chris Coleman earlier this week.
Rae has been tipped for a potential return to the Stadium of Light, but no approach has been made by the club yet.
The former Sunderland midfielder is said to be keen on a return to Wearside, should the opportunity come about though.
Rae spent six years at Sunderland during his playing days, between 1995 and 2001, and he made over 100 appearances for the Black Cats.
The 48-year-old has gone on to manage Dundee and St. Mirren in Scotland, since hanging up his boots.
But Rae is said to be willing to take a backseat role at Sunderland, to be part of the next manager’s coaching team.
Sunderland are yet to appoint a successor to Chris Coleman, with their takeover still going through.
Whoever is announced as the new boss will have a huge task on his hands, as Sunderland look to bounce back from relegation.
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