But the Scottish Football Association will need to leave the Motherwell manager in place at Fir Park for the rest of the season if they want him as national team manager.
Ex-Toon Striker Wants BOTH Jobs!
McGhee, Southampton boss George Burley, Celtic coach Tommy Burns and Graeme Souness are all in the running to become successor to Alex McLeish, who left to join Birmingham in November.
McGhee's position has become complicated following the death of Motherwell skipper Phil O'Donnell, who died after suffering heart failure in a match against Dundee United at Fir Park on December 29.
McGhee: "I will not be leaving Motherwell before the end of this season and I have made that quite clear to the SFA.
"Firstly, I think it's my duty, as the manager, and being involved with this group of players, to see it through.
"Secondly, I am currently involved in an exciting season with a great group of players and that can be a rare thing, so I am not about to walk out on that.
"I do feel strongly about it. Scotland don't have a competitive match until next autumn and I would want to fulfil my responsibilities at Motherwell.
"Of course, all this is for the SFA to decide.
"I think there is one squad get-together and they're having a match (in March) so there are other people involved at the SFA who can take a hand in that.
"So I don't think it would be difficult to do both jobs.
"But if they feel they need someone in place straight away then that would be their call."
*1977/91 M.E.McGhee 99/13 36
Two spells at Newcastle and they couldn't possibly have been so different. He came from Morton for £150,000 and looked as though he had the skill to make it, but always failed to deliver. He lacked strength and pace. But he went to Aberdeen and became a superstar. Capped by Scotland, he won Scottish Championships and Scottish Cups with both Aberdeen and Celtic. As well as European Cup Winners Cup medal with Aberdeen. Signed for Newcastle for £200,000 and hit it off with Micky Quinn straight away.