Hong Myung-bo departed his post as boss of the national side following South Korea's World Cup group-stage exit and the board set about searching for his successor.
Korea Football Association chairman Lee Yong-soo revealed on Thursday that they had whittled the list down to three names, none of which were South Korean nationals.
"After reviewing various conditions of 47 people - 17 domestic and 30 foreign - three of the preferred bidders were selected," he said.
"All three of them are foreigners. I will not reveal the names of the three."
South Korea are due to play Venezuela in a friendly in September, with their next competitive action coming in January when the face Oman in their Asian Cup opener.
Frank Rijkaard, Neil Lennon, Martin Jol, Luciano Spalletti and Jorge Luis Pinto have all been linked with the role.