However, it is understood that the FAW considers any discussions of such a nature to be highly insensitive, given that Speed’s funeral has yet to take place, with any deliberations set to be put on hold until at least the next council meeting in late December.
Wales do not have a game until a planned friendly in February, against as yet unnamed opposition.
The inquest into Speed’s death begins today at Warrington Coroner’s Court.
A stream of tributes have poured in from around the world in memory of the former Wales, Leeds, Everton, Newcastle, Bolton and Sheffield United midfielder.
Speed, who was part of Leeds’s 1992 league championship winning side and wore the No 11 shirt will, tonight, have his name chanted by the travelling supporters for 11-minutes starting in the 11th minute when they face Nottingham Forest in the Championship at the City Ground.
The FAW, meanwhile, has opened a book of condolence at its headquarters in Cardiff, while tributes have been left outside the grounds of Speed’s former clubs.
FAW chief executive Jonathan Ford spoke yesterday of the organisation’s desire to find a fitting tribute to the late Wales manager.
It is understood one of the options is for the February friendly to be used as an opportunity to celebrate Speed’s life and career.
Costa Rica, the country against whom Speed won the first of his 85 caps in 1990, could potentially provide the opposition although a deal for the game is not thought to be close to being agreed at this time.
In a statement issued yesterday, Speed’s family admitted to being “overwhelmed” by the support they have received following his death and the tributes paid by former colleagues, supporters and the wider football community.
Hayden Evans, Speed’s agent, and best man at his wedding, said: “Gary’s family would sincerely like to thank all the people that have sent messages of condolence and tributes in what is a very difficult time.
“We have been overwhelmed by the support and it really has helped.
“We would ask that the family are now given the respect of some privacy to just grieve on their own.”
Evans also insisted that Speed and his wife had not argued in the lead up to his death.
“Louise is saying that’s not the case. She just doesn’t understand it,” he told The Sun.
“They were happily married and anyone who knows them will tell you that. This is why it’s a mystery.
“We genuinely at the moment have no clue whatsoever what has caused it and I have been with the family all day.”
He added: “Everybody is asking the same question and no one has an answer. We are all in shock.”
He declined to discuss why Speed had apparently decided to take his own life. He also denied Speed was suffering from depression.
His comments came as the BBC faces calls for Speed to be honoured at the Sports personality of the Year awards.
Fans posted messages on Twitter and Facebook urging the BBC to honour Speed at the ceremony on Dec 22.
Nominations for the Coach of the Year category closed on Nov 18, but fans are hopeful the BBC will make an exception for Speed.
There also remains the possibility that Speed will be honoured with one of the awards which do not require a voting panel, or a special award.