Matta, 50, was fired at Ohio State last June after 13 seasons with the Buckeyes. He took Ohio State to the national title game in 2007, the Final Four in 2012 and the Elite Eight in 2013.
When he parted with the Buckeyes, Matta mentioned "trying to get healthy" as a reason. He battled health issues for much of his time in Columbus, including emergency back surgery in 2007.
According to one source close to Matta, he currently is in much better shape physically and is rejuvenated after dealing with back and foot issues.
"He wouldn't take any job," the source said. "But he'd possibly consider coming back for the right one."
Ole Miss recently announced it has parted ways with Andy Kennedy after 12 seasons.
Matta went 337-123, winning at least 20 games in every season but 2016-17. He guided the Buckeyes to five Big Ten regular-season titles (four tournament titles) and nine NCAA tournament appearances.