Bielsa, who is considered a mentor to the likes of Manchester City's Pep Guardiola and Tottenham's Mauricio Pochettino, has been linked with the Australian national team and is considering the possibility, reports leading French sports website L'Equipe.
When asked about whether the man they nickname 'The Crazy One' could be in charge of the Socceroos a close childhood friend admitted it was a possibility.
"Australia? It is not impossible... there is indeed an interest on the part of the Federation (FFA), but other options exist," the unnamed source said.
French media has taken a keen interest in Bielsa's movements, especially after his recent six-month spell with Ligue 1 side Lille that ended prematurely when the former Chile coach traveled to South America to visit a terminally-ill friend without the club's permission.
Bielsa, now back in his hometown Rosario in Argentina, is keen to get back to work sooner rather than later.
"Marcelo still has a lot of energy and he is currently studying different options," the same source says.
"He wants to get back to work in the next few weeks. Once he receives an offer that motivates him, he will fully embark on this new project, as he has always done. "
Bielsa's intensity, both in how he prepare's his team and how he demands his teams press when they don't have the ball, has inspired his numerous followers including current Argentina coach Jorge Sampaoli as well as Guardiola and Pochettino.
The 62-year-old's methods have produced mixed results with the likes of Chile, Marseille, Argentina and Athletic Bilbao.
It was possibly at Bilbao where he had his greatest success when his young, home-grown only side, went to the Europa League final, on a run that included knocking out Manchester United.
Bielsa is considered an ideal candidate by many for the Socceroos job, not only for his tactical brilliance, but his knowledge of group stage opponents France, where he coached Marseille and Lille, as well as Peru who he faced numerous times as coach of Chile and Argentina.