McClaren finds himself out of work after bringing a second stint at Eredivisie side FC Twente to a premature conclusion.
The former Middlesbrough and Nottingham Forest boss claims he has no desire to rush into another post, with it his intention to assess his situation in the summer.
It is possible that the U21 post could become available after the 2013 European Championship, with Stuart Pearce's contract set to expire, and McClaren concedes that he could be tempted back into the international fold - having previously spent a forgettable spell in charge of the senior side.
He told Sky Sports News HD: "I have always said that I want to give back. I had six or seven years working with England as assistant, as the head coach, working abroad and seeing how countries like Holland and Germany have developed their youth programmes.
"I think at the elite end of English football is something, I don't know when, I would like to give something back into the game and at that level would be perfect. But I always get that excitement as well from management and proving a point in every job you go to.
"At the moment, it has been a bit of a shock leaving FC Twente. It's a case of resting, getting my head straight, getting some energy and seeing what's out there.
"I'm enjoying a bit of football. I was at Old Trafford the other night and I hope to get around many of the grounds, not just in England but around Europe, and while you are out of work, expand your knowledge.
"I have been quite a while away from England and it's good to catch up with the Premier League and see all the teams play. I will take a rest and have a look in the summer."