The Pars removed John Potter from the post and returned him to a coaching role following a bitterly disappointing season in which they finished seventh and well out of the running for a promotion play-off spot.
MacPherson, a former Dunfermline defender, moved to the front of the running yesterday, according Scottish bookmakers McBookie, with the odds on the 46-year-old tumbling to 4/5.
The list also includes Airdrie boss Gary Bollan, one-time Pars and current Forfar manager Dick Campbell and the out-of-work Derek Adams after the directors indicated they were seeking someone with experience of lower-league success.
“The recruitment of the right manager and in turn the right types of player is now critical,” said chairman Bob Garmory. “The process starts now and we hope to make an appointment within three to four weeks.”