Lofton, 49, has held his current position with San Diego for four years and was elected into the Pro Football Hall of Fame in 2003.
A California native, Lofton played 16 seasons in the NFL and caught 764 passes for 14,004 yards and 75 touchdowns – with eight Pro Bowls on his resume.
His job with the Chargers came after an eight-year stint as a broadcaster.
Oakland is also setting up a meeting with Fresno State head coach Pat Hill to talk about their vacancy. His was an assistant under Bill Belichick in Cleveland prior to joining the Bulldogs – a spot where he has been at the helm for nine years.