The 44-year-old coach has most recently worked as head coach of the French club Rennes.
Stéphan is the son of France national team assistant manager Guy Stéphan and the brother of Guillaume Stéphan, also a former footballer.
Persepolis parted company with Spanish coach Juan Carlos Garrido in late December and is negotiating with coaches for the vacant seat.
Persepolis has previously been linked with Portuguese Jose Vitor dos Santos Peseiro, former Croatia coach Slaven Bilic, ex-Dortmund trainer Edin Terzic, former Bayern Munich head coach Niko Kovac, ex-Real Madrid coach Rafael Benitez and Foolad coach Yahya Golmohammadi.