Sky Sports News understands Sheffield Wednesday are in 'advanced talks' with Dave Jones and he will be appointed as Gary Megson's replacement as manager in the next 24 hours.
Owls chairman Milan Mandaric dismissed Megson on Wednesday evening, just a few days after the club's Steel City derby win over Sheffield United.
Mandaric told Sky Sports earlier on Thursday that he was keen to make a quick appointment and hoped to finalise Megson's replacement within 24 hours.
It is now understood that Jones, who was quickly installed as the overwhelming favourite for the job, will take charge at Hillsborough.
Jones has been out of management since leaving Cardiff City at the end of last season following six years at the helm of the Welsh club.
He has previously managed Stockport County, Southampton and Wolves, and was recently linked with a return to Molineux following Mick McCarthy's sacking.
The 55-year-old will take charge of a Wednesday side currently sat third in the League One table, five points adrift of the second-placed Blades.