The Millers made Alan Stubbs their shortest serving manager in the club's history on Wednesday when they fired him after a run of six successive defeats.
And they are acting fast in finding a replacement as Press Association Sport understands that they are lining up Jackett, with talks already taking place.
He could even be in the hotseat before Saturday's visit of Reading, with chairman Tony Stewart hoping for a quick appointment.
The 54-year-old has been out of work since leaving Molineux in the summer and also has jobs at Millwall, Swansea and Watford on his CV.
If Jackett does get the nod he will become the fifth manager in the last 14 months at New York Stadium and is tasked with the job of leading the Millers away from danger as they currently sit six points from safety after picking up just one win in 13 games under Stubbs.
Fitness coach Paul Warne, assisted by goalkeeping coach Andy Dibble, took training on Thursday and will manage the team on Saturday if no appointment is made.
Stubbs lasted just 14 games in South Yorkshire following his June appointment, but was undermined by shocking results on the pitch
He lost 10 games, conceding 37 times, while losing all seven of the club's away matches.
Source : PA