But Stockdale is not willing to formally consider a move into football politics until after September's federal election.
The 68-year-old is head of the Liberal Party's federal campaign in his role as party president. He was Victorian treasurer from 1992 to 1999.
AFL.com.au understands Jeff Kennett's former right hand man has been approached by Demons powerbrokers behind the scenes but has made it clear he cannot help until after the poll.
"It's a hypothetical. I haven't given it any thought," Stockdale told AFL.com.au on Thursday.
"My focus is on the election; it's all political between now and September."
But the passionate Demons fan wouldn't rule out considering the position once voting day is over.
Stockdale confirmed his former boss had been in contact about Melbourne's predicament, but admitted he had reservations about whether Kennett was the solution to club's woes.
However, he said there was no chance the longtime political allies would be pitted against each other, and indicated he'd be willing to continue talking to Kennett about the Demons situation.
"That's one thing that wouldn’t happen; we've always worked together," Stockdale said.
Stockdale has served on the Melbourne board before, co-opted on in 1999 as an MCC director.
He departed in 2001 when Gabriel Szondy became president, replacing millionaire businessman Joseph Gutnick.
In a shock move last week, Kennett put himself forward to take over the helm of the Demons.
But president Don McLardy rubbished the former Hawthorn president's bid, questioning his credentials and previous attitude towards the club.
"Jeff, there was a very good reason the Victorian people threw you out of office despite your record," he said before the Demons' Queen's Birthday loss to Collingwood.
Matt Thompson is a reporter for AFL Media. Follow him on Twitter @MattThompsonAFL
