Dublin spent a successful spell at the Abbey before being snapped up by Manchester United for 1,000,000 in 1992, still the league two sides' record transfer fee recieved.
Cambridge chairman Gary Harwood admits the appointment of Dublin would be welcomed by United fans, but is keen to stress he is in no rush to appoint a successor to Renard.
"We are in no rush to recruit the right man for the job but if Dion is interested, we would certainly be interested in hearing from him," said Harwood.
"Dion had a memorable time here and I would certainly not rule out holding an interview with him to see what he has got to say.
"His appointment would certainly be popular and he would also add valuable experience - and possibly get us a few goals while he is at it.