Orient parted company with boss Fabio Liverani earlier this week following a disastrous campaign which ended in relegation to League Two.
Lomas, who has been out of work since his departure from Millwall in December 2013, was immediately installed as the bookmakers favourite to succeed the Italian at Brisbane Road.
Despite conceding that no official contact has been made, the Northern Irishman says he is more than ready to make his return to management and insists he would relish the chance to take the reins at Orient.
“For me it’s a great club. And, of course, I would certainly be open to the idea of going there. I’m ready to get back in, there’s no two ways about it,” Lomas, 41, told Sky Sports.
“I have been able to watch a lot of Leyton Orient in recent seasons because it is on my doorstep. Obviously they did not do as well as they did the year before, but I was not privy to what was going on there this season.
“At the moment there’s been no contact. From my point of view, I am itching to get back into management. I was disappointed with how things turned out at Millwall, but it was a great learning experience for myself and I am hungry to get back amongst it all.”
It has been a torrid 12 months for the O’s, who this time last year were on the brink of sealing promotion to the Championship. Though, the penalty shoot-out play-off final defeat to Rotherham United, was only the beginning of their woes.
Russell Slade, the manager who led them so close to promotion, departed for Championship side Cardiff City in September, just two months after long-time owner Barry Hearn sold his majority stake in the club to Italian businessman Francesco Becchetti.
Kevin Nugent, Slade’s temporary replacement, lasted until October and was subsequently followed by Italians Mauro Milanese and Liverani, who both failed to halt the slide.
Reports of player unrest did not help the club’s cause in their bid to escape the drop, with claims suggesting that pre-match team-talks were conducted in Italian and the first-team were often left to organise tactics amongst themselves on match days.
Despite all of this upheaval, Lomas is positive on the club’s prospects and believes Orient have the squad capable to bounce back from the setback of relegation at the first time of asking.
“They have got a lot of good players at the club, there is certainly no doubt about that. But, it’s down to what happens out on the pitch and unfortunately they have come unstuck this year,” he added.
“I know a few of the lads down there and they have the ability to turn it all around. Now it’s about doing what is best for the club because there is the potential to do something great there.”