Lomas, 34, made more than 350 League appearances for Manchester City, West Ham United, QPR and Gillingham during a 17-year professional career.
He has applied for the role at the struggling club, who have picked up just eight points from their opening nine games in League One.
The Us have been without a manager since dispensing with Williams' services more than two weeks ago, with Kit Symon in charge on a caretaker basis.
"I'd be very interested. Colchester is a great club and I'm looking to get into that side of things," Lomas told the Evening Gazette.
"I see it as a good starting position. Colchester United has a history of giving young managers a chance, like Phil Parkinson and Geraint Williams in the past."