The former England boss spent two and a half years in charge at White Hart Lane between March 2001 and September 2003.
Tottenham are seeking a new full-time coach after the exit of Andre Villas-Boas, with Tim Sherwood currently in temporary charge.
He told Sky Sports: "Tottenham Hotspur Football Club – I supported them when I was eight years of age. I went there at 12, I left 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."
"It's whatever is right for the football club and if they felt that they wanted me to go until the end of the season - and they wanted something else long-term, I would be prepared to do that, because I love the club," he added.
"They have not offered me the job, so it's all speculation."
"I think it's a different club completely. I had a squad that was ageing at the time. We were bringing free transfers in," he continued.
"This isn't the same scenario, the club at the moment. It's a completely different scenario to that. I think there's a way forward.
"(There is) a new stadium to be built, (and) they've got a squad that looks as if they have got some real talent in there. So it's completely different."
