John Toshack is expected to announce his resignation after six years in charge, although he will remain at the helm until a successor is found.
A number of names have already been linked with the role and reports suggest the Football Association of Wales could approach Giggs to gauge his interest.
The Manchester United midfielder, who retired from international football in 2007, admits it would be hard to take up the position at the current time.
The 36-year-old's playing career may be drawing towards a conclusion but Giggs has continued to play a key role at Old Trafford in recent seasons and may not want to hang up his boots for a while yet.
He nevertheless concedes that it would be a dream to manage his country one day and knows from history that such appointments can be made very suddenly.
"If you go into management, the big job is to be in charge of your country. And I'm no different in terms of thinking like that," Giggs, who has already taken UEFA coaching badges, said in the Daily Telegraph.
"At the moment it is difficult, because I still have commitments as a player.
"But I always use the Sparky (Mark Hughes) situation.
"One minute he is playing for Wales and in the Premier League with Blackburn, then the next thing you know, he is managing his country.
"Sparky never really planned for that."