Sheedy is currently in negotiations with Greater Western Sydney over a post-coaching role at the Giants, while an Essendon coterie group have approached him to take up an ambassadorial role.
It would be a celebrated homecoming at Windy Hill for the former Bombers mentor but the 65-year-old says he isn't about to turn his back on the fledgling Giants.
Although Leon Cameron will take the coaching reins in 2014, GWS is keen to keep Sheedy on with chief executive Dave Matthews offering him the role of football director and a seat on the board.
"I've enjoyed my time at the Giants and I'm not rushing back to Melbourne to be honest," Sheedy said after the Giants' 60-point loss to Brisbane at the Gabba on Saturday night.
"I've got to work on a contract, negotiating, to stay at the Giants. I've just got to work through that."
Sheedy is disappointed and pained to see his previous club in their current mess over supplements used during the 2012 season..
Asked whether there was some romance drawing him back to Windy Hill, he said: "If I went back to Essendon, it wouldn't be about romance, it'd be about fixing things up."
Sheedy has just two games left in charge of GWS but admitted to delivering his first half-time spray in the Giants' 42 senior matches after a listless opening against the Lions.
With veteran Simon Black making a classy return from injury, Brisbane had 42 inside 50s in the first half to rack up a 59-point lead.
"I lost my voice at halftime," Sheedy admitted. "I thought it was a very, very ordinary effort in the first half."
Jeremy Cameron's two goals took him to the top of the race for the Coleman Medal, equal with West Coast's Josh Kennedy and Hawthorn's Jarryd Roughead with 60 goals.
Caretaker Brisbane coach Mark Harvey praised his team for reacting positively to the shock mid-week axing of Michael Voss.
First-round draft pick Sam Mayes continued his impressive season with four first-half goals from the wing but the 12th-placed Lions may be without Pearce Hanley for the last two rounds.
Hanley injured his hip-flexor and will undergo scans.