Celtic coach Darren O'Dea is reportedly in the running for the Inverness job.
The Championship club is currently managerless after Billy Dodds was sacked on Sunday,
Inverness are currently rooted to the bottom of the second tier with just one point from their opening five league outings.
And club chiefs deemed the paltry points return as unacceptable with Dodds- who had only signed a new deal months earlier - removed from his post alongside assistant Barry Wilson.
A statement read: "It is with much regret that the club has taken the decision to terminate the contracts of Head Coach Billy Dodds and his Assistant Manager Barry Wilson with immediate effect.
"In the first instance we would like to put on record our huge appreciation for the efforts of Billy since taking the position. His professionalism, attention to detail and positive attitude could never be faulted no matter the challenges we faced."
Sporting director John Robertson and academy director Charlie Christie have been placed in charge of the team on an interim basis.
However, it's claimed Inverness bosses are keen to make a swift appointment in the dugout with a number of contenders already identified.
The Scottish Sun reports that Celtic B coach O'Dea is one candidate with whom Inverness are keen to hold talks.
Kevin Thomson, Liam Fox and Neil McCann are all reportedly on a list of candidates with former St Johnstone manager Callum Davidson a favourite with bookmakers.
Former Ireland international O'Dea began coaching at Motherwell under-18s after ending his playing career.
Months later he would head to Celtic to take up the position of under-18 manager before being promoted to B team boss in October 2021.
