Last month, Coleman was removed from his position in the dugout at the Stadium of Light after the Black Cats were relegated from the Championship.
However, Donald has revealed that it was not his decision to part company with the Welshman and has claimed that he may look to reappoint the 47-year-old.
At a press conference, Donald said: "Potentially, we would look to speak to Chris. There's a view of whether or not League One is Chris's domain, but when we've looked at the list of people who have applied, and you say you want to speak to three or four people, I think Chris would potentially be in those three or four.
"It wasn't us [who sacked Coleman], and I wouldn't rule out potentially talking to Chris. We've got one week, we believe, to get ourselves organised. From a fans' perspective, Chris is obviously the visual one."
Donald has also revealed that Sunderland are now 'debt-free' ahead of featuring in League One.