The Daily Mail says Dean Holdsworth has earmarked Brown as Bolton's next manager should his takeover be completed - but not until the summer.
The prospective new owner and his Sports Shield consortium were very optimistic that a deal would be ratified by the Football League this week before Monday's date at the High Court.
Holdsworth has already taken steps as to how he wants to revamp the second-tier strugglers. The former striker will be a hands-on chairman and identified Brown, currently manager of League One Southend United, as the man to lead them forward long-term.
But it is understood that Brown wants to see out the season at Roots Hall, with Neil Lennon likely to retain his job until then.