Former Southampton boss Russell Martin is in contention to replace Ruud van Nistelrooy as Leicester manager, talkSPORT understands.
The Foxes have also held talks with Sean Dyche.
Martin has also made the final shortlist at Rangers but the Scottish club are more likely to reappoint Steven Gerrard.
The 39-year-old was sacked by Saints in December after managing just one victory in the club’s first 16 league matches.
Van Nistelrooy is facing the sack after Leicester’s relegation to the Championship.
He is yet to be given a decision on his future by the Foxes hierarchy.
In November, Van Nistelrooy replaced Steve Cooper as Leicester manager on a contract running till June 2027.
The Dutchman won his first game in charge, beating West Ham 3-1, but his joy was short-lived.
Leicester failed to win another game until January against Tottenham Hotspur.
And following that result, the Foxes endured an 11-match winless streak.
It was a run of form that later confirmed their relegation back to the Championship in April.
Leicester’s best form came too late, managing to earn two wins and a draw in May.
As Leicester manager, Van Nistelrooy has managed four wins, three draws and 17 losses in the league.
Teams promoted from the Championship in recent times have found it increasingly difficult to remain afloat in the top flight.
Leicester, Ipswich Town and Southampton – who rose to the Premier League this season – are going straight back down.
The same thing happened the campaign prior, with Luton Town, Burnley and Sheffield United.
To add insult to injury, the Premier League confirmed that Leicester has now been referred to an independent commission for alleged breaches of the EFL financial rules.
Leicester have landed themselves in a rocky position that could affect their ability to bounce back up to the Premier League.
A 12-week fast-track process is due to follow meaning that a possible points deduction would occur next season.
Leicester won an appeal against a previous charge aimed at them for the 2022/23 campaign when they were relegated to the Championship.
