Williams rookie Franco Colapinto and current Sauber driver Valtteri Bottas have also been reported to be in the mix, as is former world champion Sebastian Vettel, who has emerged as a shock candidate despite retiring from the sport in 2022.
Vettel's former team-mate at Red Bull, Daniel Ricciardo, has also been named as a potential option having been recently axed by Visa Cash App RB.
But it is another previously sacked racer who is now believed to be a frontrunner for the coveted spot.
Mick Schumacher - son of F1 legend Michael Schumacher - arrived on the grid back in 2021 with big expectations, but after enduring two disappointing years at Haas, was eventually ditched by the American outfit.
But following their decision to bring in youngster Kimi Antonelli to replace the Ferrari-bound Hamilton, Schumacher faces spending more time on the sidelines.
Red Bull director Marko however, has confirmed that the 25-year-old is being considered by Audi, a move he backs given his strong belief that young talents should be given an opportunity to develop, claiming that this is the strategy at Red Bull.
“We started with the philosophy of giving young drivers a chance in Formula 1," the Austrian told F1-Insider.
"Mercedes is giving Kimi Antonelli a chance, Haas Oliver Bearman, Williams Franco Colapinto and it seems that, fortunately, Audi is now seriously considering the young Mick Schumacher.”