Bellamy, 38, is currently in a coaching role at Cardiff but is looking to begin his managerial career.
The Welshman played 78 times for his country, finding the net on 19 occasions. He scored an astounding 170 goals during his club career.
Oxford United, who recently sacked manager Pep Clotet, are sat in 15th in League One, just five points off the drop.
Bellamy could be named as manager ahead of the Oxford's fixture on Saturday against Northampton Town. The board will be hoping he can inject some confidence and quality into the side.