Graeme Souness will hold talks with Leicester chairman Milan Mandaric next week about the manager's job at the Walkers Stadium, reports theDaily Mail.
Souness, who ruled himself out of the chance to manage Bolton after being interviewed by Reebok chairman Phil Gartside, has emerged as the front-runner for the job.
Although Coventry chief Iain Dowie remains on Mandaric's radar, the Leicester chairman is determined to give Souness every chance to become the club's fifth manager since April this year.
Souness has told friends he is ready for the challenge and is relishing a return to management for the first time since he was sacked by Newcastle in February 2006.
He has been linked with a number of jobs recently, including the Republic of Ireland, but will meet Mandaric before deciding on his future.