But he is realistic enough to know that the ultimate prize is beyond his reach.
Those who say Harry Redknapp's successor must have West Ham credentials naturally veer towards thinking about Alan Curbishley - on whom betting has now been suspended - though there are three other ex-Hammers currently managing clubs in the British Isles.
Ray, at Stirling Albion, is one of them, while the others are Steve Whitton at Colchester and Tommy Taylor at Leyton Orient.
"When they tried Lou, not that he was a bad manager, he never really fitted in the West Ham way," says Ray.
"I'm sure they will stick with someone who knows the West Ham tradition as well; probably Curbs is number one, he's had to get Charlton up and keep them there.
"He's built a good team and a good background staff and maybe he will be the one to fill Harry's shoes.
"I'd love to go back and do a wee bit, but I'm not going to make too much noise about that.
"If they approach you they approach you, but I'm quite loyal to whoever I'm working with; if West Ham were interested they could contact me.
"I spent ten lovely years there and to go back and work with whoever is the manager would be great, but untils somebody approaches me I stay loyal.
"I'm claret and blue through and through and it would be a dream come true to work on the other side of the fence."
Ray admits he could not believe the news of Harry's departure when he heard about it, revealing:
"I was shocked when I heard the news; okay, he has had a tricky season, but he has got quality players and has done a fair job for the club in seven or eight years.
"Perhaps Harry felt he has taken the club as far as he can, and that's an honourable thing if he has done that.
"I'm sure he'll wake up after a little break and think 'what have I done?' but at the end of the day it hasn't only taken Harry away, it has taken Frank and probably one or two of the backroom staff away which doesn't give the club a lot of stability.
"Everybody would want that job because there is a lot of security in it, but you have got to admire Harry for doing what he has done; there are not many people who could walk away from that kind of revenue."
Of course, West Ham changing managers is a rarer event than at any other club - one journalist this week likened it to a Japanese Emperor changing - and Ray adds:
"I probably saw three managers in two years - and not many West Ham players can say that.
"I started with John Lyall, then it was Lou Macari, and then it was Billy Bonds, but my main work was with John.
"The club has changed personnel at director level, but I think probably all for the best - things have to move on."