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A tabloid newspaper has claimed that Hegarty is the clear favourite for the hotseat should the inevitable happen and current Caley manager John Robertson joins Hearts.
With Robertson set to take over the Hearts job before Thursday's UEFA Cup tie against German Bundesliga side Shalke 04, the Caley Thistle board are keen to install a new manager in the next week or so in order to focus their attempts on remaining in the SPL.
It is said that Hegarty faces competition only from Livingston Assistant Manager Alan Kernaghan for the job, however the Inverness board are said to favour the appointment of Hegarty.