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Press Trust of India on Thursday quoted former India and Knight Riders captain Sourav Ganguly as saying that Whatmore would take charge of Kolkata for the IPL's third season next year.
"I was told that Whatmore will be our next coach. It will be exciting to work with him," Ganguly said.
The team has not made an official announcement about a new coach.
Whatmore, who represented Australia in seven Test matches, turned into a successful coach when he helped shape Sri Lanka's 1996 World Cup victory. After a short stint with English team Lancashire, he returned to coach Sri Lanka again. He also had a stint as Bangladesh coach and helped it evolve as a cricket-playing nation.
Ganguly was Kolkata's captain in 2008, but was replaced by New Zealander Brendon McCullum this year.
Ganguly was among the critics of Buchanan's theoretical coaching style and innovations, such as using multiple captains during a match.
Buchanan was removed as the Knight Riders coach after the team finished at the bottom of this year's IPL competition in South Africa, losing 10 of 14 matches.
Buchanan coached Australia for eight years, overseeing a world record 16 consecutive Test victories and claiming the 2003 and 2007 limited-overs World Cups.
