The Football Association wants Stuart Pearce to become the full-time coach of the England Under-21 side, according to Sir Trevor Brooking.
Pearce could be ready to take charge of the U21s full time
"Stuart has enjoyed the role and we've got to ensure he'll do it full-time," the FA's director of football development told BBC Radio Five Live.
"If the FA can get the funding, then they need to take it forward."
Pearce added: "I want to stay in football, I love the profession. It's a great job and a job I've enjoyed."
The former Manchester City boss added: "I don't know whether they put it out for tenure for people to apply to. It will be a case for myself and the FA to sit down and if I fancy it and like what goes with it, I'll apply for the job."
I will give him my backing because it has been a great pleasure to work with Stuart Pearce
Brooking has also suggested an all-encompassing role where the under-21 coach would oversee younger England teams.
The former England star was among the FA dignitaries who travelled to Heerenveen on Wednesday to watch Pearce guide his youngsters to within a minute of a major final - they eventually lost to Holland after a marathon 13-12 penalty shootout.
England boss Steve McClaren was also at Abe Lenstra Stadion, as well as chief executive Brian Barwick, with the pair congratulating Pearce and his team in the dressing-room after the shoot-out.
"The players can be extremely proud of themselves for what they've achieved, and the whole country can be proud too," said McClaren.
"To battle as they did for so long in front of the Dutch support shows immense character."
Pearce has also established a relationship with the players and has the support of the players.
Nigel Reo-Coker said: "I will give him my backing because it has been a great pleasure to work with Stuart Pearce, Steve Wigley (assistant coach) and the rest."
Fulham defender Liam Rosenior feels he has learnt from Pearce, who earned 78 caps for his country.
"He has been great with the players and it has been great for me as a full-back to have him as a manager and we showed some of his spirit and passion in the match," he said.