The Sunday Mirror says there are serious concerns inside the ambitious Championship club that current boss Sven Goran Eriksson is not the man to inspire City's promotion push. The Thai investors, who masterminded their takeover last year, have shown they are prepared to invest in the team, but believe that there must be an immediate bolt for the top flight.
If Eriksson can mastermind a run of victories, the former England manager may still hang onto his job.
But if the board decide a change must be made, then ex-Foxes boss O'Neill is the man they will turn to.
O'Neill is still revered in Leicester from his five years as boss from 1995. He guided the club to promotion to the Premier League and two League Cup finals, lifting the trophy in 2000.
O'Neill has been out of work since leaving Aston Villa 13 months ago and has so far rejected any new job offers.