Preston boss Alex Neil is in the frame for the West Brom job.
Jokanovic would be an expensive appointment but talks are ongoing. The 50-year-old was most recently in charge of Fulham before he was dismissed last November.
Neil also has Hawthorns admirers. He possesses previous managerial experience from his time at Hamilton and Norwich.
West Brom are on the lookout for a new manager after Darren Moore was sacked on Saturday. The Baggies, under the caretaker charge of James Shan, host Swansea on Wednesday.