The 39-year-old former Reds defender has made an impressive start to his managerial career, guiding Leverkusen into the Champions League, and he told Bild that a return to Anfield in the future is an attractive proposition.
"I have got two special places in my heart. I was born in Finland, and there the job as the national team coach is the biggest job. Liverpool has the other place in my heart. I don’t want to say, ‘That’s my goal’, but -- after the ten years I played there -- it would also be a dream to one day be the Liverpool manager," he told the German newspaper.
"I live in the here and now, and that means Bayer Leverkusen, which gives me a lot of pleasure."
Hyypia will shadow England manager Roy Hodgson ahead of the next round of the World Cup qualifiers.
Hyypia played 464 times for Liverpool during a ten-year spell at the club that ended in 2009.