Odds on the 42-year-old being appointed by the League I club, previously bossed by Paul Dickov, have quickly dropped .
Clark, who has also managed Birmingham City, has been out of management since leaving Blackpool in May.
The ex-Newcastle United, Sunderland and Fulham midfielder became Town manager in December 2008.
He twice took the club to the League I play-offs before being sacked in February 2012.
He was in charge of Brum when they survived relegation from the Championship at the expense of Doncaster in 2014.