It was announced on Friday that Ernesto Valverde will leave San Mames at the end of the season.
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Onda Vasca says Athletic management have quickly set out in search of a potential replacement - and there is already progress in the process.
The Basques have started talks with Terzic, who has also been named as the favourite for the job by AS.
Terzic has been without a club since he chose to leave Borussia Dortmund in the summer of 2024.
Bournemouth manager Andoni Iraola has also been mentioned as a candidate over the past 24 hours.