Sky Sports sources understand Alan Shearer is holding talks with Cardiff regarding their managerial vacancy.
The former Newcastle and England striker was installed as favourite for the post by Sky Bet on Tuesday after attracting significant backing.
It is understood that discussions regarding a deal have now begun between the 40-year-old and the Championship outfit.
The Bluebirds are in the market for a new boss after severing ties with former coach Dave Jones at the end of the 2010/11 campaign.
Failure to secure promotion to the Premier League proved to be the final straw for Jones, as he tasted defeat in back-to-back play-off bids.
Watford boss Malky Mackay was identified as a leading contender for the role at one stage, but has since drifted out of the picture.
Shearer is now believed to be in pole position to take the job, handing him a return to management following a brief spell in charge of Newcastle back in 2009.
He was unable to steer the Magpies clear of relegation out of the top flight on that occasion and has been away from the dug out ever since.
Various clubs are reported to have been interested in his services over the last two years, but Cardiff appear to hold the most appeal to Shearer.