Jimmy Calderwood says "it's not impossible but very doubtful" that former Aberdeen striker Dean Windass will return to Pittodrie from Hull.
The 39-year-old striker has become frustrated at a lack of first-team opportunities in the Premier League.
Windass and his wife retain a strong affection for Aberdeen and the city.
But the Dons boss said: "It's all speculation. We've got good centre forwards here and, if they do the business, nothing will be happening."
Former Middlesbrough forward Windass scored the winning goal in the play-off finals that secured Hull's place in this season's top flight in England.
But, so far this season, the striker has been linked with moves to several clubs, including Leeds United and Doncaster Rovers, who failed in a bid this week.
Aberdeen are the latest to be linked with the player, who joined Aberdeen from Hull in 1995 for £700,000 and spent two-and-a-half years at Pittodrie.
MY SPORT: DEBATE"I have not spoken to Dean myself, but I got a phone call about him about two or three weeks ago," said Calderwood.
"It's a few weeks before the transfer window opens and you never know what sort of options you might have by then.
"But I know Dean is a big hero with Aberdeen fans and they would be delighted if he came back."
It is understood that Aberdeen director of football Willie Miller does not see a move for Windass as fitting in with the club's preference for developing a youth policy.
And Windass's wages mean that a loan move would be the most likely route for any move to Scotland.
But Calderwood added: "We know about Dean's situation. We have a lot of things to consider, like how long Tommy Wright is going to be out injured.
"I also like the lad. I spoke to him in the summer when Dean wanted Aberdeen to provide the opposition for his testimonial.
"We were already committed to going to Holland, so I was disappointed we had to turn that offer down.
"I also spoke to his wife and she made it clear she'd love it if he came back.
"I certainly wouldn't discard the chances of that happening at this stage."
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