The former Burnden Park favourite has been with the Whites for more than a decade and is currently in charge of the development squad.
Lee has been linked with managerial posts at his former club Bury in the past – and some fans believe he would be a strong contender should the job come up in the future.
John McGinlay gave his former team-mate a glowing endorsement last month in The Bolton News, saying the 51-year-old “deserved a crack at the top job soon after being so patient”.
Speaking on BBC Radio Manchester’s The Wanderer podcast, Lee made little secret that he would seize the opportunity with both hands if it arose.
“Who knows what the future holds?” he said. “Bolton Wanderers is my life and I love the club from top to bottom.
“I love the people that work there, the supporters, the town and it is my life.
“No disrespect to the managers who have been there, or there now, but if someone threw me a lifeline and asked ‘David Lee would you like to be the Bolton Wanderers manager?’ I think you know the answer. I would love the opportunity.”
Like so many around Wanderers at present, Lee is waiting with baited-breath to see what direction the club will be taken under new ownership.
Keen to see the end of the financial issues which have crippled the club over the last 12 months, the former winger believes fans are owed a period of stability after such troubled times.
“We are in a desperate situation at this moment in time and it breaks my heart, and I know it breaks a lot of people’s hearts, to see where we are,” he said.
“Hopefully, with the people there now, we can bring it back to how Bolton Wanderers should be.
“I always go back to the supporters – they are absolutely fantastic. They are passionate, they love the football club and would do anything to see us back where we should be.
“They have stuck with us through the good times, the bad times and they deserves some enthusiasm, something to fight for again.
“At the moment we are little bit embarrassed to be where we are.
“We are in that position but hopefully the powers that be can get us back up there again and how everybody remembers Bolton Wanderers.”
Lee has helped the likes of Rob Holding, Zach Clough, Josh Vela, Harry Brockbank and Luca Connell progress from youth team football to the senior scene and says the coaching principles he employs with younger players are no different to those he would at first team level.
“As a coach and as a manager you have a philosophy and in my perspective that doesn’t change whoever I work with – Under-9s, U10s, u18s, u23s or first team,” he said.
“I think I’m a very enthusiastic and positive person and whoever I work with or alongside I try and portray that, give that to the players and try to make them enjoy their football.
“If they enjoy it, you’ll get the best out of them.
"You have to have that man-management, to be able to deal with players, disappoint players, but also be able to pat them on the back and say ‘hey, you’re going to be an asset to this football club.’
“Yes, everyone can rant and rave, but if you have that passion, hunger and desire for a football club you can get the maximum out of people; that is basically what my philosophy is.”