Leicester City have turned down a second approach from Bolton to speak to Gary Megson about the vacant managerial position at The Reebok Stadium.
The Trotters made their first approach to talk with Megson just last week, but were flatly denied permission.
A variety of names have been linked with the managerial vacancy since Sammy Lee's departure.
Megson only took over at Leicester last month, and chairman Milan Mandaric is determined to keep hold of the former Nottingham Forest boss at The Walkers Stadium.
Meanwhile, chairman Phil Gartside has confirmed that Bolton have identified their 'key targets' to fill the role.
The list of potential candidates is unknown, however Gartside has confirmed that the search is 'on-going' and they plan to conclude the process 'as soon as possible'.
"The process to find the next manager is on-going. We have identified our key targets and we have had interest from other people in the game," he told the club's official website.
"We hope to be in a position to conclude the process as soon as possible, but we will take our time to make sure we make the right appointment to take us forward."
Gartside also confirmed Graeme Souness' withdrawal from the interview process, and spoke of his disappointment that the former Liverpool and Blackburn boss is now out of the running.
"As reported, Graeme Souness was a candidate on our target list and he has now decided to remove himself from the interview process," he said.
"Having interviewed him last week, I know he would have been an exceptional candidate for the role.
"However, I respect Graeme's decision to pull out of the process and I wish him well for the future."
Following Leicester's decision to reject an approach for Megson, Gartside has reiterated that Mark Curtis is not representing any of the potential candidates.
"For the record, Mark Curtis is assisting the club in the process of finding a suitable candidate for the job. He is not representing any of the people on our target list," he added.