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The Grecians sacked manager John Cornforth at the weekend.
Gazza has been clubless since he left 1st Division Burnley at the end of last season - his fitness has ruled him out so far from moves to teams in the USA and New Zealand.
Club chairman John Russell said - "For the last two weeks we've been trying to secure his services as a player and he could well come as a coach or player-coach."
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