Gruden, who began his head coaching career with the Raiders in 1998, will succeed Jack Del Rio, who was sacked following a season-ending loss to the Los Angeles Chargers that capped a disappointing 6-10 campaign.
Appearing on ESPN's Golic and Wingo (h/t Ryan Wilson of CBSSports.com) on Wednesday, Gruden confirmed he has spoken with Raiders owner Mark Davis regarding the opening and added, "I think there's a good chance", when asked about whether he would accept the job.
Gruden is said to have agreed to a 10-year deal worth more than $100 million with the team he coached from 1998-2001.
The 54-year-old native of Sandusky, OH has been out of the coaching ranks since the conclusion of the 2008 season.
According to ESPN Stats & Information, only three current Raiders players have a contract with an average annual value of at least $10 million - Derek Carr ($24.97 million), Kelechi Osemele ($11.7 million) and Gabe Jackson ($11 million). "Minority candidates were interviewed", National Football League executive vice president of communications Joe Lockhart said during a conference call Friday. "Minority candidates were interviewed and we will wait and see the decision they make".