He believes that the former Celtic and Scotland striker would be an ideal candidate to take over from Jack Ross, who was dismissed from his post after Wednesday's 1-0 defeat at Livingston.
Alex Neil, Derek McInnes and Neil Lennon were among the early favourites for the role with bookmakers, however Neil is understood to be holding out for jobs in the English Championship.
McManus would prefer for Hibs to think outside the box with their next appointment.
Maloney is currently assistant manager to Roberto Martinez with the Belgium national side but McManus believes Hibs should make an approach for the highly-regarded up and coming coach – suggesting a possible partnership with current Celtic backroom staff member John Kennedy.
"I was looking at guys like Shaun Maloney," McManus told PLZ Soccer. "I know he's at Belgium but when's he going to dip into it and come and say 'listen, I need a job.'
"I like the way he talks and supposedly he's a very good coach.
"He speaks well, he knows Scottish football. Somebody like him and John Kennedy, who are very, very friendly.
"[I'd like] somebody like that, somebody fresh and upcoming.
"I'm not taking anything away from somebody like Alex Neil or Derek McInnes, who have a great pedigree.
"But I'd like somebody outside the box and somebody who would play attacking football.
"I look at Shaun Maloney at Belgium and he's very trusted there. I think somebody like him and Kennedy should be at the forefront of the Hibs board's minds."