Baraclough was elevated from first-team coach to caretaker manager on Sunday evening when Nigel Adkins' departure to Southampton, along with assistant Andy Crosby, was confirmed.
The appointment of Baraclough is with a view to a permanent move, and although the club are sure to receive applicants to replace Adkins there preferred choice will be an internal candidate.
That leaves Baraclough as the front runner, although he has not been told how long he has to prove himself.
"I think it's quite right that you have a period of taking stock and not rushing to make a decision," he told the Scunthorpe Telegraph.
"I think any chairman at any club would want to do that. If he feels I am the right man for the job and wants to promote from within again, which is something that's proved successful in the past, I'm sure he will let me know."
Baraclough conceded the speculation over Adkins was "unsettling" for the Iron players.
Joe Murphy, United's first-choice goalkeeper, backed Baraclough for the role."I hope the next appointment is in-house so we can keep the continuity," he told Scunthorpe's official website.
"All the lads respect Ian Baraclough, he's a great coach and I'm sure he'd do a good job."