The former England, Lazio, Manchester City and Mexico boss led the Elephants at the 2010 World Cup, where they failed to qualify from a tough group including Brazil and Portugal.
He was not given a permanent contract though, with the Ivorian Football Federation deciding his wages were too high.
But with local coach Francois Zahoui failing to win the African Cup of Nations earlier this year - his side losing to minnows Zambia in the final - the West African giants are reportedly looking abroad, with Eriksson top of the list.
"Eriksson wants to accomplish the mission he started with the Elephants a while ago which he couldn’t finish then," Valer Gourizro, acting on behalf of Eriksson in Abidjan, was quoted as saying by African media.
"He gave me the carte blanche to negotiate the terms of a possible contract with the FIF.
"Other African teams like Tanzania and Ghana are courting Eriksson, but he says he prefers to handle Ivory Coast because of the enormous talent in the team."
Eriksson’s agent, Carlos Carvalho, confirmed that Gourizro - who has worked with Manchester City and Ivory Coast defender Kolo Toure in the past - was authorised to act on behalf of the Swede.
"It is true. (Gourizro) is involved in this. He is known by Sven and has worked with him before," Carvalho told Eurosport.se.
"If he says there are negotiations we will have to trust that."
Eriksson, 64, has been out of work since his sacking by Leicester City earlier this season.