According to sources in West Asia, the 45-year-old Victory coach could be set for a stint in one of the cashed-up leagues in the region, such as the Qatar Stars League.

This season's Qatar Stars League wrapped up last month with Spanish star Xavi’s Al Saad winning the title.

Despite this season falling short of an A-League Grand Final appearance, and an Asian Champions League group stage exit, Muscat’s reputation in Asia remains high after a hugely successful five years as head coach with Victory.

At the Victorian powerhouse, Muscat engineered two A-League Championships in 2015 and 2018.

And has been responsible for bringing some huge names to the A-League, including this season’s Japanese marquee Keisuke Honda.

But since Sunday's devastating 6-1 loss to Sydney FC in the A-League semi-final - and a disastrous ACL group stage which included a couple of 4-0 losses - the inquest has continued at Victory about the plan moving forward.

Muscat has been with Victory since day one of the A-League in 2005.

First as a player and captain, winning two titles, and as an assistant coach and then head coach.

The former Socceroo, Wolverhampton Wanderers, and Glasgow Rangers hardman took over as head coach in late 2013 after his mentor Ange Postecoglou moved to the Socceroos role.

In five full seasons, Muscat has always got Victory to the A-League Finals Series and helped the club to four trophies in total; two Championships, a Premiership, and an FFA Cup.

Though his record in the ACL remains a little underwhelming having never got the club out of the group stages.

If Muscat did leave, he would depart as a club great at Victory.

"He's contracted, you know, I hope he stays because I know that he'll turn this around,” retiring club captain Carl Valeri told AAP in the wake of Sunday's Mother’s Day massacre in the Harbour City.

The Victory coach still has another year left on his contract.