Holland left Liaoning Whowin, along with Robbie Kruse, in May after a dispute over unpaid wages. He made just one appearance for the Chinese Super League side.
The players union, Professional Footballers Australia, had to intervene to terminate the Australian pair's contracts last month after they'd not received payment for three months.
Holland has been clubless since then, but now the 28-year old has been given a European lifeline.
The World Game understands Holland has been offered a contract by an unnamed club in the Austrian Bundesliga and is considering it.
Holland spent three successful years with Austria Wien from 2012 to 2015, where he made 105 appearances.
The midfielder won the Austrian Bundesliga with the Violets in 2013 and played in the UEFA Champions League with the club against the likes of Spanish giants Read Madrid.
Holland left Austria Wien in 2015 to join German side MSV Duisburg.
He spent a season there before a brief spell with Adelaide United and then moved to China in January.