The Hoops' chances of filling the vacancy quickly have been scuppered after the two leading contenders appeared to be ruled out of the running.

Burnley boss Owen Coyle and West Brom counterpart Tony Mowbray were immediately installed as the bookies' favourites following Strachan's departure on Monday.

But Coyle today pledged his future to the Clarets, while the Baggies issued a hands off warning over Mowbray.

Reid insists Celtic have yet to make an official approach for any candidate.

He told the club's website, www.celticfc.net: "The club is currently engaged in the process of identifying a new football manager.

"We are considering a number of possible candidates. However, we have made no official approach to any club.

"Clearly, Celtic's priority is to appoint the very best candidate.

"We will aim to do this as soon as we possibly can, but we will also do so in a professional, considered manner and ensure that we appoint the correct individual for the club and its supporters.

"It is better to get this right rather than be rushed.

"As the board has done in recent years, through the appointment of Martin O'Neill and Gordon Strachan, we aim to appoint a manager who will bring continued success to the club.

"We thank our supporters for the tremendous backing they have given the club over the course of the season.

"Inevitably, there will be rumour and speculation in the media surrounding this process, but as soon as the board is in a position to confirm an appointment, we will do so directly to our supporters."

Coyle, who has just led Burnley into the top flight of English football for the first time in 33 years, was believed to be the Hoops' number one target.

However, Turf Moor chairman Barry Kilby revealed this afternoon the 42-year-old was "very close" to agreeing a two-year extension to his current contract and blasted the speculation surrounding his manager.

Reports claim Coyle held talks with Celtic chief executive Peter Lawwell earlier this week and it was telling that he would only deny any "official" approach had been made for his services.

Coyle told Sky Sports News: "I'm very much focused on what we are going to hope to do in the Premier League.

"I think the fans know the rapport I have with this football club.

"What an exciting prospect to pit your wits against the best managers in world football with the best players and best teams - it's the best league in the world."

Coyle was a boyhood Celtic supporter and the Scottish-born former Republic of Ireland international acknowledged the fears of Burnley fans that he might leave.

He said: "Obviously, they can see the attraction Celtic would hold to someone like myself, growing up as a Celtic supporter - but it's all hypothetical.

"I'm flattered because it's Celtic you are talking about, given the size of the club, but that's all it was, speculation.

"There was never any approach so I am not going to get into the realms of talking about stuff that doesn't exist."

Coyle's declaration shifted the focus to Mowbray, whose West Brom side have just been relegated from the Premier League.

The former Celtic defender - who invented the famous huddle at Parkhead - has yet to comment on being linked to the job.

But his current club are adamant the 45-year-old is going nowhere.

"We have already made our position very clear on this situation and it has not changed," the Baggies said in a statement.

"We have not received an approach from Celtic for Tony Mowbray, nor would we welcome one.

"Tony is under contract for the next two years and we fully expect him to remain as our manager."

Swansea have also confirmed there has been no approach from Celtic for their manager, Roberto Martinez.

Yesterday saw Dundee United boss Craig Levein dismiss speculation linking him with Parkhead, while the agent of Slaven Bilic claimed the Croatia boss would be interested in succeeding Strachan.

With Celtic having to qualify for the Champions League this season, their first competitive match will be at the end of July.

Striker Scott McDonald revealed yesterday the players would like a new manager in place as quickly as possible.

The one man who doubtless would be available immediately is Motherwell boss Mark McGhee, who is thought to have always harboured a desire to manage his former club.

However, managerless Aberdeen are also believed be circling and Celtic may have to move quickly if they are to secure his services.