Craig Levein has ruled himself out of the running to succeed Tony Mowbray at Hibernian because of his links with Edinburgh rivals Hearts.
Former Hibs players Mixu Paatelainen, John Collins and John Hughes have emerged as early favourites should Mowbray join West Bromwich Albion.
But Raith Rovers manager Levein told BBC Sport: "I spent 14 years as a player at Hearts and four as manager.
"I have been associated with Hearts for so long and my heart lies there."
Levein took over at hometown club Raith Rovers this season after seven months out of the game following his sacking by Leicester City.
Rovers said at the time that they realised that he could move quickly to a bigger club should a suitable position become vacant.
And Levein admits that the job at Easter Road is a major one.
"I'm quite happy at Falkirk"But, as he accepted a nomination for Hearts' hall of fame, he said: "It's a difficult one for me as I could not win if I went down there.
"A couple of defeats and they would be alling for my head - and I would alienate the other half of Edinburgh.
"Hibs are a great club, but not one for me."
Levein backed Mowbray to be a success should he complete his move to West Brom.
"Having been in England for a long time, he will have knowledge of the player he is coming up against," he said.
"Providing West Brom match Tony Mowbray's ambition, they have a good chance of making the Premiership.
"He is a good manager and Hibs' Rod Petrie should be applauded for bringining him in from nowhere.
"Some of the players he inherited, he turned into wonderful football players.
"The challenge for Hibs is to get someone as good and that will be a tall order."
Former Finland striker Paatelainen had two spells at Easter Road and has impressed in his early days as manager, leading Cowdenbeath to the Third Division title.
Ex-Scotland midfielder Collins, who was with Hibs for six years, is thought to be keen to enter management for the first time.
Meanwhile, Hughes is the third former Hibs player to be tipped as next manager, having played with the club from 1996-2000 and still living in Leith.
But the former central defender, who has been head coach with Scottish Premier League rivals Falkirk since 2003, insists he is concentrating on Saturday's meeting with St Mirren.
"I'm quite happy at Falkirk," he said. "My focus is firmly on the boys.
"I've brought a lot of young kids to this club and my focus is on Saturday and making sure these young kids become better players individually and make Falkirk a better club, simple as that."