One team Iraola has been heavily linked with is Athletic Club.
Ernesto Valverde announced in March he would leave the club in the summer, bringing an end to his latest four-year spell in Bilbao.
Born in the Basque Country, Iraola has strong ties to the club, making 510 appearances for them between 2003 and 2015.
His family’s desire to return to Spain is understood to be among the factors Iraola considered when deciding to leave Bournemouth.
Reacting to Valverde’s departure, Iraola said: “It affects me probably as a supporter because I support the club.
“I’ve been playing there for a lot of years and has been a surprise also for me. It’s my biggest reference in football, Ernesto. It’s a decision that he has made, but it’s not affecting me apart from the supporter side, let’s say.”
Smith added: “It’s the club where he learned a lot of his footballing principles. A lot of the elements of his game comes from [Marcelo] Bielsa’s Athletic team.
“That job is available, if he wants to go back to Spain. There will be a massive, emotional pull for that job.”
But interest from Spain might not just be limited to Bilbao.
Alvaro Arbeloa succeeded the sacked Xabi Alonso at Real Madrid in January, but the La Liga giants trail leaders Barcelona by nine points with seven games to go and were knocked out of the Champions League by Bayern Munich this week.
Could the former Spain full-back be tempted by the allure of Real Madrid’s star-studded squad and their vast transfer war chest? Or would he fancy a stint with Bayer Leverkusen in Germany before moving on to bigger names?
Nonetheless, where Iraola’s journey takes him next could prove to be one of the most compelling stories of the summer.