Pagano's Ravens were eliminated from the playoffs Sunday in a heartbreaking 23-20 loss to the New England Patriots in the AFC Championship Game.
Fox Sports reported Tuesday that Indianapolis will interview 49ers special teams coach Brad Seely on Wednesday.
This season was Pagano's first in charge of the vaunted Ravens' defense. Pagano followed Greg Mattison, who left Baltimore after two seasons as defensive coordinator for the same position at the University of Michigan in January 2011.
Under Pagano, Baltimore allowed the third-fewest points and yards in the league in 2011. Safety Ed Reed, linebackers Ray Lewis and Terrell Suggs and nose tackle Haloti Ngata also made the Pro Bowl under Pagano.
According to multiple reports, the Colts have already interviewed former Ohio State Buckeyes coach Jim Tressel twice for the position.
FoxSports.com reported that 49ers special teams coach Brad Seely will interview for the position Wednesday.
Tressel, who resigned in May after an NCAA scandal that enveloped the Ohio State football program, was hired by former Colts coach Jim Caldwell in September to be a game-day consultant in a role that allowed him to work from the team's coaches booth and advise Caldwell about replay reviews.
Caldwell was fired in an offseason house cleaning by owner Jim Irsay following a 2-14 season.
The Colts played the season without Peyton Manning, who had his third neck surgery in September.
The day after they locked up the No. 1 overall draft pick, Irsay fired team vice chairman Bill Polian and his son, general manager Chris.
Irsay wrote on his Twitter account Saturday that he expects to decide on a new coach next week.
Information from The Associated Press contributed to this report.