This week the RFU confirmed they would be appointing an interim coach for the Six Nations before making a permanent appointment ahead of the summer tour to South Africa.
Mallett had previously been reluctant to take on the job immediately, citing the need to spend time with his family in South Africa after ending his tenure as Italy boss after the World Cup.
But this weekend Mallett will be taking charge of a team at Twickenham when he leads out the Southern Hemisphere in the Heroes Rugby Challenge in aid of Help for Heroes.
And following the RFU's announcement, the door has been opened for Mallett the only way is up for whoever inherits Martin Johnson's role at Rugby HQ.
"It is actually not a disadvantage as a coach to take on a side that, as the [outgoing] coach [Martin Johnson] and director of rugby said, was rock bottom," said Mallett.
"If ever you wanted to take a team it is not when they have just won a World Cup. That is pretty tough because you have to try and replicate that - like New Zealand.
"Whoever takes England will have a really big opportunity. What must not be underestimated is not only the on-field play that goes hand-in-hand with how English rugby is viewed by everyone in world rugby at the moment. It was a team that didn't come out of the World Cup with credit either on or off the field.
"There is a massive job to do off the field as well as on the field. But that is not something that would frighten me. There are family issues involved for me at the moment and the timing just is not ideal.
"But everything is possible. I would never count it out. It is one of the top five coaching jobs in the world."
Mallett also revealed that he had been contacted by the RFU with a view to taking the reins now - but after deliberation he believes now is not the right time.
"Someone phoned up and asked about the availability and I talked about it with my family for a good ten days," he added.
"I have decided that now is not the right time. I am a great believer though that in fact there will be a right time."
Heroes Rugby Challenge, Saturday 3 December 2011 at Twickenham Stadium, kicks off at 1630. Ticket prices start at £30 for adults and are available through Ticketmaster www.ticketmaster.co.uk or by calling 0844 847 2492