Craig Brewster left the club as they face relegation, but rock-bottom Caley Thistle claim World Cup winner Ardiles is interested in the post.
The 56-year-old currently lives in London, where he has been coaching at David Beckham's soccer academy since being sacked by Paraguayan club Cerro Porteno in August.
Former Toon Boss Heading To Scotland?
Ardiles: "I have followed Scottish football closely over the years and I am very excited by the possibility of working there.
"Of course, this job would be a very big challenge but I am up to that. The number one priority for them is survival and that won't be easy.
"However, they are only one point behind Falkirk and six behind Hamilton with 16 games still to play so there is time to sort out the problems which are there.
"I have been told that there is an interest from the club and that, initially, it may only be an appointment until the end of the season. But if they want me and if I succeed in keeping them up then I would like to commit myself to Inverness for a lot longer.
"I admit that I don't know a great deal about the Inverness players but you can learn what you need to know about a squad very quickly. I've been in that situation before and my experience helps me to speed that process up a little bit. I look forward to discussing this with Inverness."
Allegedly he is facing competition from former Motherwell manager (and Mackem) Terry Butcher who said: "I've not spoken to anybody about the job. It's all speculation as far as I'm concerned.
"I have two jobs already with Scotland and Setanta and I enjoy both of those so, at the moment, I'm not giving anything else a lot of thought."