Stuart Pearce's contract as Under-21 manager runs out in June after the European Championships, and former senior boss McClaren is in the frame to replace him.
The 51-year-old, who was recently sacked during his second stint in charge of FC Twente in Holland, admits it is something he would be interested in.
"I had six or seven years working with England as assistant, head coach and working abroad," said McClaren. "I have always said that I want to give back.
"I have seen how Holland and Germany developed their youth programmes. I can see that happening and working in England, St George's Park is perfect for that.
"I think at the elite of English football I would like to give something back, and that [Under-21] level would be perfect."
McClaren was sacked from the national team in 2007 after failing to qualify for Euro 2008.