Waugh's, also known as Tugga for his mental toughness, experience of leading a team on tours of Asian nations and adapting to different cultures are seen as invaluable by Football Australia management for the tournament to be held in Indonesia, Malaysia, Thailand and Vietnam from July 7 to 29, a Daily Telegraph report said.
''He (Waugh) will give tips to the Socceroo squad how to handle pressure situations in big tournaments and cope with the unique pressures of playing a competition in Asia,'' the report said.
According to the report, the cricket legend had already met Socceroo officials including coach and assistant coach to discuss his possible involvement and had told them it was a challenge he was keen to meet.
A deal could be signed and Waugh would spend time with the squad this week before travelling to Singapore and working with the team there.
''It's thought unlikely that Waugh would address the whole squad, but would instead work with some of the senior Socceroos to aid them in offering appropriate advice and leadership to younger players,'' the report added.
Australia, a recent entrant in Asian Football Confederation, will head for Singapore late next month for a 10-day camp and then proceed to their base in Bangkok for the Asia's showpiece football tournament.
Ironically, the World Cup winning Australian cricket team was addressed by five-time Olympic gold medal winner Sir Steven Redgrave at the West Indies, after coach John Buchanan met the champion rower and invited him to share his experiences with the team.