Frenchman Santoro made his name in doubles and claimed back-to-back Australian Open in 2003 and 2004.
The 43-year-old retired in 2010 after playing for more than two decades and is currently the coach of Ukrainian Sergiy Stakhovsky.
Federer is set to make changes to his coaching team in 2017, with Stefan Edberg leaving, while Severin Luthi will remain as his head coach.
However, Santoro has expressed his desire to coach Federer in the future if there was an opening on the legend's team.
Santoro said: "It would be an honour to get that request from one of the top players, but I'd pick Roger Federer. I have so much respect for his career and the way he plays. We played 11 times and it was always such a pleasure to be on the court with him."