Nolan was released by ex-Iron boss Alan Knill last summer but has struggled to find a new club since becoming a free agent.
Laws, who took over in late October, has seen at first hand what Nolan still has to offer over recent weeks with the 24-year-old having trained at the club in order to keep fit.
And Laws has revealed he is working on bringing Nolan back to Glanford Park on a new contract.
"His versatility is not even in question; he could be a real versatile player for us," Laws told United's official website. "But what we can do with him, that remains to be seen.
"We've got a board meeting on Thursday and we'll discuss whether we can do anything because I think one of the weakest areas we have is at full-back. Particularly on the right-hand side, but to have some cover would be extremely encouraging.
"It will give us some food for thought if we can do that."
Laws added: "Eddie has found himself in one of these positions which I would dread myself as a player. You're a good player, you've done extremely well for yourself yet you find yourself at the age of 24 with no football club.
"That's quite alarming but also in the financial circumstances with most League One and Two clubs, it's not surprising to hear. People can't afford to have a bigger squad and can't carry many bodies."
