The Melbourne operation is believed to be running the rule over three candidates for the drive in the #4 Commodore following the departure of Russell last month.
Click here to have your say on the state of Australian motorsport and go into the draw to win a Kincrome Tool Armour Workshop valued at $11,999.
Baird is thought unlikely to remain in the seat for the Red Rooster Sydney Super Sprint (August 26-28) due to his Australian GT Championship commitments.
Dunlop Series racer Shae Davies has emerged as one of the front runners for the drive, while the identity of the other candidates remains closely guarded.
Davies had already secured a deal to drive the car for the Pirtek Enduro Cup alongside Russell.
“We are just trying to make the best decision as to what will work out best for us for the rest of the year,” team boss Barry Ryan told Speedcafe.com.
“We are looking at two or three drivers and Shae is one of them. He is a strong chance but we will see where we get to with it all.”
Davies has confirmed to Speedcafe.com that talks with Erebus are ongoing.
The Gold Coast driver, who is ninth in the Dunlop Series standings, says he feels ready to step up main game.
The 26-year-old will retain his co-drive with the operation if his bid for the vacant full-time seat is unsuccessful.
“Talks are ongoing but I know they need to fill the seat as Craig Baird is occupied with Australian GT,” Davies told Speedcafe.com.
“It would be a dream come true for me. It is what I have been working towards since I started in 2010 and it would be massive step and one I wouldn't underestimate.
“The results don't really show it with the mix of the COTF cars and the older generation cars in the Dunlop Series, but I think we are punching above our weight.
“I think we are doing a good job and I think I'm ready for the challenge.
“I'm really looking forward to either opportunity whichever comes up first.”