The former England boss, who played for the Rams in the mid-late 1980s, arrived for talks about the possibility of succeeding Nigel Clough.
Clough was sacked on Saturday evening just hours after Derby's 1-0 defeat by East Midlands rivals Nottingham Forest at the City Ground after just over four-and-a-half years in charge.
As he entered the stadium, McClaren told Sky Sports News: "It's great to be back in Derby, hopefully we can work something out."
His arrival at Pride Park will mark the completion of a circle for the man who guided Middlesbrough to League Cup glory and FC Twente to the Dutch title.
McClaren played for Derby and returned to make his name as a coach with the Rams under Jim Smith, helping the team to Premier League promotion in 1996, before getting his big chance as an assistant to Sir Alex Ferguson at Manchester United.
McClaren, who was in charge of England for 18 months after succeeding Sven Goran Eriksson in 2006, has been working as first-team coach at QPR since July.
In other news, Bale on the verge of Real Madrid move. May have already been confirmed.- pires