But Steve Wharton's boardroom takeover saw the offer withdrawn and Brian Laws reinstated as manager, 20 days after he had left the club.
Hendry has spent a year out of football to nurse his wife through serious illness, but is now looking to return to the game as a manager.
He spent six months on loan at Blackpool in the 2002/03 season, making 14 appearances.
Now he is considered one of the front runners to replace Steve McMahon, who left the Seasiders this week.
His agent John Colquhon said: "Colin wants to keep a low profile and wait and see what happens after this weekend."