Massimo Donati, the Italian midfielder who spent two years at Celtic from 2007 to 2009, and more recently had spells with Hamilton and St Mirren, has thrown his hat into the ring, the Press understands.
Donati, 37, who also made over 300 appearances in Seria A, including a stint with AC Milan, is keen to start his management career in Scotland after hanging up his boots in the summer.
Another former Celtic star, Barry Robson, is also believed to be interested in the vacancy.
The 39-year-old has held a coaching position with Aberdeen since retiring from playing at the Pittodrie club in 2016.
Robson started his career with Inverness Caledonian Thistle, before going on to play for Dundee United, Celtic and Middlesbrough, while he also won 17 caps for Scotland.
Raith have received a steady stream of applications, including one from Iceland, since Barry Smith handed in his resignation on Tuesday.
Assistant manager Kevin Cuthbert will take charge of the team for the trip to Ross County on Saturday.