Sources told ESPN.com that Colangelo, a two-time former NBA Executive of the Year, is high on the Nets' list of potential candidates to succeed Billy King.
King was reassigned within the organization last Sunday after a 5 1/2-year tenure.
Nets owner Mikhail Prokhorov also fired head coach Lionel Hollins and said at a news conference Monday that he planned to interview a number of candidates for his both his GM and coaching vacancies.
Colangelo, 50, has a track record in building contenders with the Suns and Raptors. He stepped down as president of the Raptors in June 2013. He is the son of Jerry Colangelo, who currently is the Philadelphia 76ers' chairman of basketball operations and special adviser to the owner, along with being chairman of USA Basketball.
Sources told ESPN that Bryan Colangelo has quickly emerged as a serious candidate and the Nets could then pursue one of the top of available coaches, such as Tom Thibodeau or Mark Jackson.
The Nets reportedly had an interest in bringing back Kentucky coach John Calipari in a dual coaching and executive role. But Calipari was adamant via multiple tweets Monday that he will not pursue a return to the Nets.