Cox was the early hot favourite to be appointed as Adam Simpson's replacement following the 2018 premiership coach's exit in July.
But in an unexpected twist, Cox ruled himself out of the vacant West Coast job, saying he was happy with his role at the Swans and with life in Sydney.
It's understood West Coast recently approached Cox a second time to see if he had changed his mind, but to no avail.
Cox is widely tipped to succeed John Longmire at the Swans when the 2012 premiership coach decides to step down.
Kennedy, who kicked a West Coast record 712 goals across 271 games at the Eagles, would love to see Cox back in the West.
"I'd love Coxy to be able to come back, but he's pretty set over there in Sydney," Kennedy told reporters on Monday.
"Strategy-wise, he's just grown over the course of his time as a player.
"Even talking to him over the course of the time when he wasn't playing, the stuff he talks about is at that high, elite level.
"Plus he's a great bloke, he's a real people person. He was the heart and soul of our football club.
"I could see he would really get the best out of a lot of players.
"Hopefully he gets his chance one day (to be a senior coach). I'd love to be able to see him take whatever team he coaches to a premiership."
Others who have ruled themselves out of the West Coast role include Josh Carr, Nathan Buckley, Ash Hansen, Daniel Giansiracusa and Jaymie Graham.
West Coast finished 16th this year with a 5-18 record, marking the third year in a row they've finished in the bottom three.
There's likely to be more pain ahead for the rebuilding Eagles, but Kennedy is backing the club, under the watch of chief executive Don Pyke, to rebound quickly.
"The club have been so successful ... being able to play in seven grand finals and win four premierships," said Kennedy, who on Monday was named as the 2024 Premiership Cup ambassador.
"The administration there, having Pykey come in now as well, they'll be back up the top quicker than probably most think.
"The coaching selection panel, they'll find the right person for the job. I'm looking forward to seeing who it is."
Former Richmond caretaker coach Andrew McQualter, Eagles interim coach Jarrad Schofield and GWS assistant Brett Montgomery are among the contenders still believed to be in the running.
Meanwhile, West Coast have re-signed tall forward Archer Reid until the end of 2027 and rookie small forward Loch Rawlinson for 2025.
10°C