Hyypia, currently in charge of Bayer Leverkusen, spent a decade with Liverpool winning almost every honour in the game, including the Champions League in 2005.
And, in conversation with former team-mate Jamie Carragher, Hyypia revealed a return to the Merseyside club is something he would welcome.
He told the Sky Sports pundit: "Many people have asked me - 'Where would I want to manage?'
"There are two special places for me; I was at Liverpool for 10 years so that would be great.
"That doesn't mean it's a target - but it would be something special.
"And I come from Finland - and the Finnish national coach is the biggest job there. It's also not a target but it would be great."
You can watch the whole of Sami Hyypia's interview with Jamie Carragher during the coverage of Bayer Leverkusen v Manchester United on Sky Sports 2HD from 6pm on Wednesday.