The 37-year old has led the Staggies to third position on the Scottish Premier League in their first season in the top flight and Munro feels like there could be some interest in the Victoria Park boss due to the positive nature of what he has achieved this term.
"I'm pretty sure clubs are taking notice of him. He's an ambitious guy so I'm sure he wants to achieve what he can, but he is also enjoying working with the group we have here," said Munro in the wake of the surprise 3-2 win over Celtic on Saturday.
"The gaffer has said the grass isn't always greener in terms of players leaving so you can maybe say the same about management.
"He is contracted for next season. He is happy and enjoying it.
"But I'm sure there will come a time when there is an approach to the chairman to test the water.
"He's done a fantastic job, you can't knock what he's done.
"He spots a player and brings them in. He let a couple go in January but then brought a couple in and we have all seemed to gel again. We have kicked on from there. You can't fault his record. It's fantastic.
"He puts a lot of work in from Monday to Friday and that shows on the pitch on a Saturday. It's easy for him to talk about doing this or that but the players respond well to what he tells us."