The Sunday Mirror says chairman Steve Parish and the board finally lost patience with Neil Warnock after the 3-1 home defeat by Southampton on Boxing Day - and the leading candidate to take over is former Palace captain Popovic.
The Australian played at Selhurst Park for five years between 2001 and 2006. He also had a 15-month spell as coach between February 2011 and May 2012 under manager Dougie Freedman.
Popovic then moved back to Australia to take over Western Sydney Wanderers - and had an impressive start.
The 41-year-old led the team to the Asian Football Champions League final, where they beat Saudi Arabian side Al-Hilal.
Need a VPN? Or seeking to switch? Then support Tribal Football by clicking here to sign up with our official partners NordVPN. Not only will you receive the best VPN experience, but also great discounts by signing up via Tribal Football. Thanks for your support!