The Rangers legend is one of a number of names to have been linked with the job at the Stadium of Light, with the Black Cats being without a permanent boss since sacking Simon Grayson at the end of October.
McCoist's only experience in the dugout came at Ibrox between 2011 and 2014, but the Scot has spoken about his affection for the North-East club, who currently sit at the bottom of the Championship standings.
The 55-year-old told talkSPORT: "Of course. Why would you not? Sunderland is a fantastic club. It is a brilliant club and a place very, very close to my heart. I have had season tickets since I left, at Roker Park and the Stadium of Light. It is a great club.
"I actually feel the north east for football in particular is one of the places in the United Kingdom but I sense the Sunderland fans for the first time I can remember have lost a little bit of heart and a little bit of belief."