I've made them in the past by screwing the router onto a strip of ply. Cut the shape of the router's opening onto the end of the ply so you can see through it. Then drill a hole at the other end of the ply, with the right distance to create an appropriate hole. Some adjustability would be good via multiple holes or slotted openings etc. I'll see if i can dig the jig out.
How big a circle do you need to cut, and in how thick a material?