Experienced midfielder Simon Grayson is currently in charge of the first team at Blackpool, and has guided them to wins over Scunthorpe and Colchester in his two games in charge.
But after opting for the youthful potential of former Scotland captain Colin Hendry, who was sacked ahead of the 5-2 win over the Irom, chairman Karl Oyston may opt for experience.
Former Burnley and Bury chief Ternent, who spent three months as manager at Bloomfield Road in 1979, has been offered the post according to the Sunday Mirror.
He has been out of the game since leaving Gillingham six months ago.