Frank, 52, has been without a club since Tottenham Hotspur sacked him in February. He had joined Spurs the previous summer but oversaw a difficult start to the season, with the north London club eventually finishing 17th in the Premier League and only securing survival in the final round of matches under his successor Roberto De Zerbi.
Despite that experience, Frank has spoken calmly about his situation since the dismissal, acknowledging interest from clubs without rushing into his next appointment.
Strasbourg finished eighth in Ligue 1 last season — a respectable position — but will not have European football next term, which limits the attraction of the role for a manager with Frank's profile and experience. Whether that factors into the Dane's deliberations remains to be seen.
The club are now working to identify O'Neil's replacement before pre-season begins, with Frank currently among the names under consideration.
Frank's spell at Spurs was brief and difficult — he arrived with a strong reputation built at Brentford but could not arrest Tottenham's slide, and was dismissed with the club deep in relegation trouble. The manner of the departure and the team's subsequent survival under De Zerbi complicated his legacy at the club, but his overall track record remains one of the stronger in the Premier League in recent years.
Whether a role in France represents the right step for a manager of his calibre will be the key question, but the departure of O'Neil has opened the door and Strasbourg will want to move quickly to have a coach in place before pre-season begins.