The striker noted for his off the field antics as well as on it was popular in his time at Highfield Road, scoring 39 times.
Whelan trained with City prior to joining Aberdeen who released him last month.
Micky Adams was reported as "playing down" the talk and told the CET: "Noel's agent approached us and I'll sit down and think about it. "But it's that crazy time of year when you have agents on the phone to you every day and if you took in everybody who wants to come you'd have a squad of about 50."