"Do I want the job? Well I've had the job there once," he said speaking on Sky Sports 1.
"Tottenham Hotspur, you know I supported them when I was eight years of age. I went there at 12, left there at 28. Went back and managed. It's in my blood. It's in my bones.
"If I was offered the job, yes I would want to go back, even if it was for the sake of the club. (Interim manager) Tim (Sherwood) is in pole position here."
"Even if they felt they wanted me to go to the end of the season and wanted something else long term, I would be prepared to do that for the sake of the football club."
Hoddle was one of Spurs' greatest ever players but his two years as manager ended in September 2003 after picking up four points from their opening six league games.
The 56-year-old has been out of management since leaving Wolverhampton Wanderers in 2006 but remains popular with Spurs fans and is the second favourite with bookmakers.
Hoddle insists, however, he has not been contacted by Levy, and added that he would be willing to work for the man who sacked him a decade ago.
"They've not offered me the job, so it's all speculation, it's all a bit of media hype," he said.
"It's a different club completely this time. I think I had a squad that was ageing at the time, we were bringing free transfers in, we brought Teddy Sheringham and Gus Poyet in on free transfers.
"This isn't the same scenario at this club at the moment. It's a completely different scenario to that. I think there's a way forward."
Former Tottenham striker Gary Lineker has called on chief executive Daniel Levy to give Hoddle another go.
Iran coach and former Manchester United assistant manager Carlos Queiroz has also thrown his hat into the ring.