Davide Ballardini was sacked following a 2 – 2 draw away at Empoli on Friday.
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Genoa are involved in the race for survival and have won just one of their 12 Serie A games. They have collected only nine points this season.
They are keen to usher in a new era at the club and domestic media have named Shevchenko as the favourite to take over the Genoa hot seat.
The winner of the 2004 Ballon d’Or Shevchenko is apparently preferred to his former Milan teammate, Andrea Pirlo who has been out of work since his sacking by Juventus in May.
Shevchenko is available since standing down as Ukraine coach this summer.
This would be his first club management role after coaching his national team for the past five years.
He guided Ukraine to the Euro 2020 quarter-finals, losing to England 4-0.
He is expected to sign a two-year deal with an option for a third worth £1.7 Million.
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