Paatelainen and Davies could be interested in the Hibs job

Former Hibs striker Paatelainen steered Turun Palloseura to third place in the top league in his Finnish homeland.

And former Motherwell and Preston boss Davies is out of work after his departure from Derby County.

The Easter Road board is expected to meet within days to discuss a successor following John Collins' resignation.

Collins made the shock announcement on Thursday, citing a lack of funds for new players.

But he has since been linked with a move to Fulham, who sacked Lawrie Sanchez 24 hours later.

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Former Celtic midfielder Neil Lennon, presently player-coach at Nottingham Forest, is understood to be interested in succeeding Collins at the Scottish Premier League club.

And Falkirk head coach John Hughes has emerged as a bookmakers' favourite to return to the Edinburgh club where he played for four years.

Paatelainen would be another strong candidate, having had two spells with Hibs as a player.

The 40-year-old steered Cowdenbeath to the Scottish Third Division championship - their first title in 67 years - before moving back to Finland.

Davies served his managerial apprenticeship with Motherwell before a successful spell with Preston in the Championship in England.

He moved on to promotion rivals Derby, led them to the Premier League but left in November after a disagreement with the chairman and Davies' side at the foot of the table.

The 43-year-old has been quoted as saying he is interested in the vacant Scotland manager's job.