The Football Association of Wales are still looking to name a replacement for John Toshack who walked last month.
Brian Flynn has been put in temporary charge and has said that he would love the job, but Earnshaw is siding with Giggs.
"I think he would be good," he told Soccer AM.
"When John Toshack left everyone thought Ryan Giggs because he's the biggest legend to come out of Wales and he's probably the best player to ever come out of Wales, so everyone looks to him.
"He's got a few medals to back it up too. I know him from obviously playing with him and I think all of his experience and who he is would take over if he did (get the job)."