The Essendon caretaker coach, Mark Thompson, is a possible target for the Gold Coast Suns after they sacked Guy McKenna.

The Suns started McKenna’s fourth season in charge brightly, before a collapse in form led to the team missing out on the finals. The Suns informed McKenna of their decision on Tuesday.

“Guy was naturally disappointed but, as he has done since being appointed in August 2008, he put the interests of the club and our future ambitions first,” said the Suns chairman, John Witheriff. “The fact that the Gold Coast Suns are now respected by our rivals in the AFL is due in no small part to the contribution Guy has made as our first senior coach.”

McKenna said he was disappointed to leave the club but was happy with the progress the Suns had made under his leadership. “It has been a privilege to have coached the Gold Coast Suns and I know the success the club aspires to achieve is not too far away. The club has every right to pursue a direction it believes will give it the best chance of continued improvement. Although I leave with a heavy heart, I am content that I have helped develop a unique group of players.”

There has been speculation for some time that Thompson could replace McKenna. Thompson stepped in for the suspended James Hird at Essendon for the 2014 season and led the Bombers to the finals. He is yet to confirm that he will stay at the club next season.

Thompson says he has not been approached by any other clubs. “No. I have not. Definitely not,” Thompson said on Fox Footy. “I’ve heard lots of rumours though, like everyone but I have not spoken to anyone.”

Any move for Thompson would throw up the possibility of a reunion with the Gold Coast captain, Gary Ablett. Thompson coached Ablett during his time at Geelong but their relationship came under strain when the midfielder left for the Suns in 2010.