Strachan, 61, has not managed since leaving his post as Scotland boss in 2017.
The former Celtic manager would likely jump at a chance to return to club football again.
Stubbs managed just three moths at St Mirren this season before being axed in September 2018.
He managed Hibernian between 2014 and 2016 before leaving Easter Road to take up the Rotherham post.
Hibs next manager: Neil Lennon is set to be axed (Image: GETTY)
Hibs next manager: Lee Clark used to manage Huddersfield and Kilmarnock (Image: GETTY)
Hibs next manager: Gordon Strachan is in the running (Image: GETTY)
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Hibs next manager: Graham Arnold has endured a tough time as Australia boss (Image: GETTY)
He lasted less than five months at the New York Stadium.
Former Huddersfield boss Clark is in the ruling and has managed north of the border before at Kilmarnock.
That one-year stint ended in February 2017 - a year after he joined the Scottish Premiership club.
Hibs next manager: Lennon is set to leave (Image: EXPRESSPORT)
Gemmill, 48, is currently Scotland’s U21 head coach and this would be a first foray into club management for the ex-Nottingham Forest player.
And Australia boss Arnold could end up heading to Hibernian after a disappointing outing at the Asian Cup saw the Socceroos dumped out at the quarter-final stages this month.