Stewart Donald is interested in returning to Eastleigh if he can sell his stake at Sunderland.
The 47-year-old was chosen to be the leader of a consortium offering to purchase the Black Cats in 2018 after they were put up to sale by billionaire owner Ellis Short.
Donald, who was previously Eastleigh's chairman for seven years, left the Hampshire club to join Sunderland as they looked to bounce straight back to the Championship.
However, news broke that Donald was reportedly trying to sell the club after 19 months of ownership due to backlash from fans and a failure to fulfil his promises.
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In December 2020, Sunderland confirmed that they had reached an agreement with prospective buyer Kyril Louis-Dreyfus for a controlling stake in the club, with Donald remaining as a minority shareholder.
It it understood that Donald hopes to return to Eastleigh after guiding the club from the lower echelons of the non-league pyramid up to the National League.
"I left a lot of friends behind at Eastleigh and it wasn't a finished project at the time," Donald told BBC Radio Solent.
"So if I can organise myself in Sunderland in a way that worked for everybody, that frees me up so that I could go back to Eastleigh and finish the job that I started those years ago, then I think that would be a wonderful way for me to get my football fix."
Donald added: "First and foremost I've got to sort the Sunderland situation out and make sure that whatever I do there is right for Sunderland.
"But the big issue for me is I've owned a football club and gone to games ever since I can remember, and I'm missing that. So I don't think there's any doubt that that's what I want to get back to.
"There is no doubt that Eastleigh is unfinished business, so I need to do everything in the right order.
"I think it's quite common knowledge within the game because I've had a couple of other clubs come to me and ask what the situation is, because they know ultimately my shareholding in Sunderland is probably going to go.
"So I'll just have to weigh up my options, but Eastleigh is miles ahead of any other club emotionally for me, so I suppose it's watch this space really."
