Derry City are understood to have made an approach to former Northern Ireland international Jim Magilton about the vacant managerial position at the club.
It is believed that Magilton, who is in the running to replace Phil Brown as Preston North End boss, has been contacted by the Derry City Board.
Former Ipswich Town and QPR manager Magilton recently missed out on the Northern Ireland job.
Sligo Rovers manager Paul Cook has ruled himself out of the running.
Cook had been given permission to speak to speak to the Brandywell club but a statement issued on Sligo FC's website has indicated that he will remain in his present post.
Cook had already turned down the opportunity to manage Scottish side St. Johnstone last month after he was granted permission by Sligo to talk to the Perth Saints.
Last season, Sligo finished second in the Airtricity Premier Division.
They also won their second consecutive FAI Ford Cup under Cook and 2011 went on to be their most successful season since last winning the championship in 1977.
"Sligo Rovers wish to confirm that, contrary to media speculation, Paul Cook will remain in charge with the club," said the statement issued on the club's website.
"The club can confirm that Paul Cook spoke to Derry City but the issue is now concluded.
Cook said: "Despite the reports this morning I am committed to Sligo Rovers.
"I would like to thank Derry City for their interest, they are a great club and I was flattered by their approach.
"But my ambition is to stay with Sligo and compete for more honours in 2012.
"I wish Derry City all the best with their future endeavours."
Magilton was assistant to new Northern Ireland manager O'Neill at Shamrock Rovers last season.
Following O'Neill's departure from the club, Stephen Kenny left Derry to manage the League of Ireland champions.
Derry City chairman Philip O'Doherty has declined to comment on the identity of the candidates expressing an interested in the vacant manager's job at the Brandywell but said both he and the rest of the Board want a new man in charge as soon as possible.
"About 12 people have expressed an interest in becoming the new manager of Derry City but until we have something more than that, that's all I am prepared to say," O'Doherty told the Derry Journal.