Di Matteo, 38, retired from football in 2002 through injury but has been taking his coaching badges with Spurs assistant Gus Poyet.
However, MK Dons chairman Peter Winkelman claims he has received 40 applications to replace Paul Ince, who joined Blackburn last week.
The likes of Ian Holloway, United's Nigel Adkins, Steve Cotterill and Peter Reid have all been linked with the Dons, and an appointment is imminent with pre season training kicking in shortly.