Le Guen's Indomitable Lions became the first side to be knocked out of the World Cup following disappointing defeats to Japan and Denmark in their first two group games but that does not appear to have put Football Federation Australia off.
Pim Verbeek will step down as coach of the Socceroos after the World Cup is finished and although Football Federation Australia chairman Frank Lowy admitted a replacement would not be appointed swiftly, Le Guen is understood to be their main target.
"We have many irons in the fire but we will take our time to choose. It's very important we find the right person at the right price," Lowy said.
"Let me say this. Is the coach coming from the 31 countries that are here (at the World Cup)? Yes."
Le Guen, who insisted he would not resign following their World Cup exit, made no comment on the speculation as he concentrates on Cameroon's final group match against the Netherlands, where all they will have to play for is pride.
"I hope that we operate in the same way, that we defend the national colours of the team. Perhaps we'll have a different team but I hope that we will play for the honour of the country," said Le Guen.