Blackpool are searching for a new boss after Paul Ince was sacked earlier this month, after a poor run of form in the Championship.
Seasiders skipper Barry Ferguson has been placed in caretaker charge since the departure and has overseen a draw with Doncaster and Tuesday's defeat to Reading.
A number of names have been linked with the vacancy at Bloomfield Road and Adams is thought to be in the frame for the post.
Adams is one of the most respected managers in the game after winning four promotions in his career and having managed in the Premier League with Leicester City.
The 52-year-old guided Port Vale to League One in the 2012/13 season despite working on a shoe-string budget and he has a reputation for developing young players wherever he has been at.
Port Vale would be reluctant to lose Adams, but the former Southampton defender is thought to have admirers in the corridors of power at Blackpool.