"It would be a great opportunity with a very good team," he said.
Wallach, 56, has been one of the leading managerial candidates for the past few seasons. He was the runner-up to John Farrell last winter for the Boston Red Sox job.
"It's nice, and I think everybody knows I want to manage someday," Wallach said earlier this month regarding speculation on his future.
Wallach has served as Dodgers manager Don Mattingly's third-base coach for the past three seasons, and the team picked up his 2014 contract option earlier this week. Previously, Wallach, a former Pacific Coast League manager of the year, was among the favorites to land the Dodgers' managing job when Joe Torre retired in 2010.
The Tigers are looking for a new manager after Jim Leyland stepped down Monday following eight seasons with the team. Detroit hitting coach Lloyd McClendon also has interviewed for the job.