Derby County want to bring FC Twente coach Steve McClaren back to England.
The Mail on Sunday says the appointment could depend on the outcome of a hostile takeover bid by a wealthy Saudi Arabian family.
The Saudis will this week begin their bid to become English football's second set of Arab owners, following the buy-out at Manchester City by the trillionaire oil sheikhs of Abu Dhabi. They will make an indicative offer of £22million for Derby, with a pledge to invest a further £10m - mostly on players - in the first year.
Those behind the deal have lined up their own targets for manager and backroom staff, and would baulk at any appointment of McClaren or Burton Albion boss Nigel Clough, the son of Derby legend Brian.
In a formal letter setting out their intentions, the Saudis will tell Derby chairman Adam Pearson that the club should not appoint a successor to Paul Jewell, who quit last week, until the takeover issue has been resolved.
Sources say McClaren is not ready to leave Holland, but the Derby job would have an emotional pull for him. He played 25 games for the club in a three-year spell, and as assistant to Jim Smith, helped them return to the Premier League in 1996.