The interview is expected to take place Tuesday. The 63-year-old Shanahan also met with the Dolphins on Dec. 22 in New York, where the second meeting will also take place, league sources told ESPN's Adam Schefter.
Shanahan's last NFL coaching job was with the Redskins, where he led the team from 2010-13, going 24-40 and making the playoffs once.
Shanahan, who won two Super Bowls as head coach of the Broncos, also has an interest in the San Francisco 49ers' open head coaching job. He interviewed with the 49ers last year.
The Dolphins also have interest in Chicago Bears offensive coordinator Adam Gase and Detroit Lions defensive coordinator Teryl Austin. Interim head coach Dan Campbell, who was 5-7 as the team finished 6-10, could interview for the full-time position.
Campbell will not be hired on a permanent basis, Sports Illustrated's Peter King reported.
The Dolphins fired Joe Philbin on Oct. 5. He was 24-28 in four seasons.