The two 'pre-Cellino' managers are looking to get back into football at the League Two club.
Both are figures who share some history with football in that part of the country, as well as spells at the helm at Elland Road and experience in getting sides promoted to the Premier League.
Warnock has already managed at Home Park once before in his career, helping them achieve promotion to League Two in 1996, while McDermott turned out for Plymouth's rivals Yeovil and Exeter in the latter stages of his playing career.
The 54-year-old replaced Warnock at Leeds in 2013, and was in charge when Massimo Cellino bought the club a year later, hanging on at Elland Road for a couple of months before the Italian disposed of him.
Southend United assistant Graham Coughlan is also one of the favourites for the job.
Plymouth finished in 7th position in League Two this season, losing out to Wycombe Wanderers in the playoff semi-finals, a result that saw John Sheridan leave the Pilgrims shortly afterwards.
Nevertheless, despite recent seasons of struggles, the Devon side were a Championship regular a decade ago, and whoever takes over at Home Park will be tasked with dragging Plymouth back up the divisions, having come so close this season.