Moyes has been out of work since his ill-fated tenure as Manchester United manager came to an end in April, less than a year after he took the job.
Speculation continues to link the Scot with the Sociedad position, with the San Sebastian club having dismissed Jagoba Arrasate last week after a poor start to the Liga season.
And Wales boss Coleman, who managed Sociedad between June 2007 and January 2008, believes the position would present a great opportunity for Moyes to rebuild his career.
"If I was speaking to David I'd say - 'take the job'," Coleman said. "They have incredible fans and the city is absolutely crazy about the club.
"It was a great experience for me and when I look back on my managerial career that is probably my biggest regret - leaving Sociedad.
"It is a great club who were in the Champions League last year and if you are at that level, like Moyesy is, I'd say take it as they can be a force, they really can.
"San Sebastian is a great city, and a football city."
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