Devine has spent the first half of the season on loan at Wrexham and has now been released from his contract by Fleetwood.
Wrexham had been hopeful of signing the Irishman on a permanent basis but Devine has indicated he will be happy to join Caley Thistle.
"I'm unlikely to be signing with Wrexham," Devine said. "I'm in talks with Inverness and it looks like I'll be joining them.
"I've got a big decision to make about my future and while I've enjoyed every moment of my time with Wrexham, I've been offered a brilliant opportunity to play in the SPL."
The 20-year-old centre-back began his career with Preston North End and made 15 appearances.
Devine moved to Fleetwood in the summer of 2012 but was loaned out immediately and didn't play for the club.
Capped at youth level by Northern Ireland, Devine has reportedly changed allegiance and pledged his international future to Republic of Ireland.