Worthington yesterday confirmed his interest in the vacant manager's position at the Coca-Cola Championship club following the sacking of Brian Laws on Sunday.
The Northern Ireland boss is believed to be one of the front-runners for the Owls hot-seat, with Leicester City manager Nigel Pearson also emerging as a leading candidate.
YOUR VIEWS: Will Worthington go?Former international striker Armstrong believes Worthington would relish a return to club football.
"I think the prospect of full-time club management has always appealed to Nigel, and this could be viewed as the perfect job for him," Armstrong said.
"Nigel knows Sheffield Wednesday so well after spending over 10 years there as a player.
"There are obviously no guarantees he will get the job or that he will even take it, but I am sure if the opportunity came about he would have to think long and hard about it."
Worthington's contract with the IFA expires on December 31, prompting the Northern Ireland boss to admit he is "considering all options".
The 48-year-old former defender said: "It's one of those situations where my contract expires with the Irish Football Association in a couple of weeks' time. We are having discussions on that.
"We are between qualifying campaigns now so, as far as that is concerned, perhaps the timing would be right (to leave).
"If I left it would give the Association time to go and select someone else prior to the Euro 2012 qualifying round in February 2010.
"But we're nowhere near that stage at this time, I am still under contract with the Irish FA, and these are purely rumours."
Armstrong believes the timing of the Wednesday job could prove pivotal in any decision Worthington makes.
"Nigel's contract is almost up and Sheffield Wednesday are looking a new manager - it is an ideal time to move on," he added.
"I feel if Nigel was offered the post at Hillsborough then he would have a tough decision to make. He saw how close Northern Ireland came to qualifying for the World Cup, but there is also the prospect of moving back into club management at a club he holds close to his heart."
Northern Ireland striker Warren Feeney - who signed a loan deal with Wednesday last month - hopes Worthington remains in charge of the international team.
"As a Northern Ireland fan and player I would love it if Nigel stayed in charge. We have progressed during his reign and I would like to see him sign a new deal with the IFA," Feeney said.
"But it wouldn't surprise me if he landed the Wednesday job. It would be a blow for Northern Ireland but you can understand why he is rated so highly."
