The club have drawn up a shortlist of applicants for the vacant position and have already started the interview process.
Caretaker boss David Flitcroft, who took charge for Tuesday's 2-1 defeat at Peterborough following the departure of Keith Hill, was quoted as the 6/4 favourite with Sky Bet on Friday morning to be the next permanent Barnsley manager.
However former Nottingham Forest manager Sean O'Driscoll was later backed into favouritism, while Gary Megson and Neil Redfearn are also prominent in the betting.
A statement from Barnsley read: "The board will seriously assess every aspect of the character they want to bring in to the football club before making a decision.
"It has been said that it is a tradition of Barnsley Football Club to change the manager often, whereas reality suggests prior to Keith Hill's departure there had been only one managerial dismissal in the past six years.
"The board has stated it is imperative that, as a club, they realign themselves with the supporters. Barnsley Football Club need to become more involved in the community - an area in which it appears to have taken a backwards step over the past couple of years.
"The board are hopeful of making an appointment prior to the Leeds United fixture on January 12."