Solskjaer has been out of management for 12 months since being sacked by Manchester United in November 2021.
Solskjaer's final game in charge of United was a 4-1 thrashing to Watford.
He is said to have watched all three of those disappointing defeats alongside 166 other matches of his spell in charge at Old Trafford.
Solskjaer led Manchester United to a second-placed finish in the 2020-21 campaign but did not manage to win a trophy during his time at the helm.
The Red Devils did make it to the final of the Europa League that same season but lost 11-10 on penalties to Villarreal after a 1-1 draw in normal time.
There was excitement in the 2021-22 season when United signed Cristiano Ronaldo, Raphael Varane and Jadon Sancho in the summer transfer window.
However, results fell away at an alarming rate and Solskjaer was dismissed.
Solskjaer oversaw 149 matches as United boss, winning 78, drawing 33, and losing 38.
Despite this, he is believed to be satisfied with his stint as United boss.
The Norweigan feels he was building something special with the squad at Old Trafford and was happy with the team's spirit.
Solskjaer has continued to observe European football since his departure while taking up hobbies away from the sport.
He has a burning desire to get back into management and is now ready to do so.
Job opportunities have come his way over the past few months, but Solskjaer has kept his options open.
The former Cardiff City manager has also declined television work as he concentrates on getting back into coaching.
Manchester United are tracking Atletico Madrid boss Diego Simeone
Erik ten Hag is the permanent replacement of Solskjaer and has only been in the job since the summer.
Manchester United currently sit fifth in the league with eight wins, two draws, and four defeats in 14 fixtures.
They are in the Playoffs of the Europa League after finishing second in their group and will face Barcelona.
Despite Ten Hag just getting started in the Old Trafford hot seat, reports suggest that United are keeping tabs on Atletico's Simeone.
The Argentine's contract expires in 2024, but there are doubts over his future as Atletico's manager.
The Red Devils may look to make a financial offer that is enticing enough to convince Simeone to leave the Wanda Metropolitano Stadium.