Inverness have granted Terry Butcher permission to speak to Hibernian - but they vowed to fight to keep their manager.
Caley Thistle confirmed they had received an official approach from their Scottish Premiership rivals, who have been looking for a new manager since Pat Fenlon quit on Friday.
Chairman Kenny Cameron added: "Terry has been informed of the situation and has expressed an interest in meeting with Hibs officials. The club has, with great reluctance, granted him permission to do so.
"We will, however, continue to do everything possible to ensure that Terry remains our manager."
Butcher last week led Caley Thistle to their second League Cup semi-final against Hearts in two seasons and they sit third in the league, three places above Hibs.
The former Rangers and England captain turned down a move to Barnsley in January and Cameron hopes he remains loyal to Inverness.
Cameron, whose club face Hibs at Easter Road on Saturday, said: "Given our current position in the SPFL and the fact that once again we have a cup semi-final to look forward to, it is inevitable that if any managerial positions arise, our manager will be on the wanted list.
"We have a game on Saturday and it's important that our club's focus is on taking three points to maintain our challenge at the top of the league.
"As with the Barnsley approach in January, we will be making no further comment until we're fully aware of the outcome of discussions."
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