Also a winger, McManaman, 29, is a free agent after being released by Luton Town after they dramatically escaped relegation from the Championship on the final day of the season.
A member of the Wigan Athletic side which upset Manchester City 1-0 to win the 2013 FA Cup, McManaman has been bracketed with Victory alongside another ex-Hatters player, 30-year-old midfielder Jacob Butterfield.
Victory are in the process of pursuing the final paperwork on two transfer targets as they seek to fill four available visa spots, with coach Grant Brebner revealing during the week the club had signed an experienced European midfielder and a winger.
Recent follows on Victory's Instagram account hint at the possible acquisitions of Belgium international Kevin Mirallas and former Hull City midfielder Kevin Stewart.
But sources in the UK suggest both McManaman and Butterfield have held recent talks with the club.
In addition to two spells at Wigan, McManaman - who says he’s never met his illustrious relative - also had stints at West Bromwich Albion, Sheffield Wednesday and Sunderland in a career spanning both the Premier League and the Championship.
The former Everton junior made 23 appearances for the Hatters after joining them at the beginning of last season.
Much-travelled Butterfield, meanwhile, featured 15 times last season and has accumulated both Premier League and Championship experience during stints at Barnsley, Norwich, Middlesbrough, Derby, Sheffield Wednesday, Huddersfield and Crystal Palace.
Melbourne Victory declined to comment when contacted by The World Game.
