The former Rangers boss is the favourite with oddsmakers to replace Mike Dodds in the dugout at the League One club.
Dodds was dismissed by Wycombe after a challenging start to the season, with just one win from the opening eight matches in the league.
A statement confirmed: “Wycombe Wanderers have today parted company with Head Coach Mike Dodds and First-Team Coach Pete Shuttleworth.
“The board has reluctantly taken this decision, and the club would like to place on record its gratitude to Mike and Pete for their hard work and efforts during their time with Wycombe Wanderers, and wish them every success for the future
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