United are on the hunt for someone to come into the role created by Ed Woodward in an overhaul of the football structure at Old Trafford.
RB Leipzig chief Paul Mitchell, ex-head of recruitment at Tottenham, is in the frame for the position – but United hero Schmeichel has thrown his hat into the ring.
The 55-year-old said: "Well, I have to be completely honest, I'm thinking about putting my name in there. I'm thinking about putting my name in there.
“Like every other footballer, I want to be involved again. I have this energy, I have education but I've not seen anything that's really interesting to make the big change and then I see this big idea about director of football at Man United.
"At the moment, I'm considering whether I have the qualities, will think about it over Christmas and if I do then I will throw my hat into the ring.”
Schmeichel won five Premier League titles and a Champions League during a glittering eight-year career at United working under Sir Alex Ferguson.
They were the golden years for the Reds, and the former Denmark goalkeeper is convinced the club has lost its identity since Fergie retired.
Speaking to the BBC, he added: "When I look at it from the outside, it seems as if some of the identity has gone away.
“Who are we? I think that's really important, especially for a club like Manchester United.
"I think that's really important that everyone at Manchester United, who works at the club, it doesn't matter what job they have, understands the football club, understands the culture, understands the history and tradition has gone out of the window.
"I think that's really, really important. It needs to come back in and that will come back in with Ole.
"Ole understands and will take no rubbish from anyone. He knows exactly what the club is. He's a product of Sir Alex Ferguson, he's not only played with Sir Alex Ferguson, he's coached with Sir Alex Ferguson, he knows it as well as anyone else, and that's something he can inject in the coming months.
"Whatever happens next, whoever comes in, that could be anyone, it's not the right time to speculate. It could be anyone, it could be Ole.
"For someone like me who loves Manchester United we need to let him get on with managing Manchester United.
"I think it is a good idea. It's not forever. What's really important is to get the Manchester United culture back, the Manchester United identity back and understands Ole.
"I would really like to see someone who has played there, understands it and played under Sir Alex Ferguson and I think that;'s where some of the club has been lost since Sir Alex left.”
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