O'Leary, who guided Leeds to the semi-finals of the Champions League in 2001, has said that he is flattered to be linked with the position at Elland Road.
"I still live in the area and they [the supporters] have been absolutely fantastic," he told the Yorkshire Evening Post.
"I'm very flattered that people remember me up there. I don't want to influence anyone, but it wasn't my decision to leave and the supporters have always been there for me.
"That's why I've stayed in the area. It's a fantastic place to live."
O'Leary managed Leeds between 1998 and 2002.