The former RB Leipzig boss has been out of work since leaving as the Red Bull head of sport and development last year.
Low announced this week he will be stepping down from his role with the national team after the Euro 2020 finals, having been in charge for 15 years.
Liverpool boss Jurgen Klopp has already distanced himself from the job, while Leipzig coach Julian Nagelsmann, another popular choice, appears unlikely to move into the international scene at the age of 33.
Rangnick, however, would happily speak with the German Football Association (DFB) about the opportunity.
"It's a job that matters to anybody. In general, I can imagine many things," he told Sky Sport.