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Cavenaghan has urged Rangers not to have a front-runner and dismissed the idea that Rehl is third choice behind Gerrard and Muscat.
Talks were held with several coaches in London ahead of Rohl, Muscat and Caverath said there were five names he would be happy to continue.
“We interviewed a lot of great candidates,” he said. “We talked to a lot of other candidates that you’ve never heard of.
“We left London 10 days ago, having done a whole set of meetings and I told our group how happy I am – it’s not very comfortable that the past is good.”
When pressed on why Rangers could not agree a deal for Gerrard or Muscat, Cavenahh described both situations as “complex”.
“We don’t rank people, twos and threes,” he said. “We had 10 days at that point, tops, to get a coach in the building, so we were chasing all five at once.
“Is there a job offer? The way it works is not like that. You don’t have a big ceremony and send a letter with an arrow on it.”
The American explained that neither Gerard nor Muscat had been officially offered the role as they pursued several candidates simultaneously.
“You’re working on a whole bunch of different details at the same time,” he added. “The two people you talk about are complicated.
“They are halfway around the world, they have families, they have to move, they come in the middle of the season.
“So what you’re trying to do with each candidate is always try to move the ball forward and find out, ‘can we make this happen’? It’s also going to be five different people at once.”