Torquay chairman Simon Baker says the club hope to make an announcement on their new manager early next week.
The board of directors have drawn up a shortlist from a number of applicants and will now begin the interviewing process.
Former Bristol Rovers boss Paul Trollope was not among the applicants, the club have said.
Baker said: "We fully understand the urgency of the situation but we are determined to give ourselves the opportunity to appoint the right candidate.
"We've had a good selection of applications and hope to make a decision early next week."
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