The club’s financial backer Lord Willie Haughey is reportedly willing to splash the cash to tempt the 45-year-old to Scotland’s oldest senior club.
Ellis left his post on Hogmanay with the team fourth in the third tier, 20 points behind league-leaders Cove Rangers.
Recently-appointed director of football Marijn Beuker has big plans for Queen’s Park focusing on youth and a bid to reach the Scottish top flight in the next five years and the Scottish Daily Mail reports that Spiders chiefs have already interviewed a “number of high-profile candidates” for the position.
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Former Easter Road chief executive Leeann Dempster is currently employe in the same role at the Glasgow club while John Potter, assistant to Ross in the Capital, has been taking the team on an interim basis.
Ross, who was on punditry duties for former club Hearts’ Scottish Cup fourth-round victory over Auchinleck Talbot, enjoyed a family holiday in the Middle East earlier this month and is understood to be considering his options before making his next move in football.
The 45-year-old did lead Alloa Athletic in League One during his first managerial role, but left before the end of the season to join former club St Mirren in the second tier.
Dropping down to the Scottish third division may not be an obvious next step but with Ross a self-confessed football romantic, the lofty goals of the former amateurs may tickle his fancy.