Capel has yet to be interviewed by Georgia Tech athletic director Mike Bobinski, sources told ESPN.
Capel, 41, has been on Mike Krzyzewski's staff since 2011, after he was fired by Oklahoma. Capel was 83-69 in five seasons as the head coach of the Sooners and took a Blake Griffin-led OU team to the Elite Eight in 2009. Capel was also the head coach at VCU for four seasons and compiled a 79-41 mark.
Larranaga is the son of Miami coach Jim Larranaga and has been with the Celtics since 2012.
Gregory was fired last week after a 67-86 mark in five seasons with the Yellow Jackets.
Georgia Tech reaching out to potential coaches
ESPN basketball Insider Jeff Goodman explains why Georgia Tech's next coach will face a difficult rebuilding job.