Sam Allardyce is being linked with a return to Bolton Wanderers.
The Sun says the crisis club is wanted by super-rich Chinese group Shandong Luneng - with a return for former Everton boss Allardyce on the agenda.
Top officials from the company have been shown round the ground and are weighing up an offer to buy the stricken outfit.
The Chinese group tried to take over the club a year ago but ran into snags in talks with owner Ken Anderson.
However two senior officials flew in at the start of a renewed bid and were accompanied by former Wanderers sports scientist Mark Taylor.
Shandong Luneng are a leading power company in China and already have a major club in Jinan but they are keen on buying an English team.