Sky Sports understands that Barnsley manager Keith Hill is meeting owner Patrick Cryne and having talks over his future.
Hill and his assistant David Flitcroft have attracted huge praise for their work at Oakwell since taking charge last summer.
However, Barnsley are holding takeover talks with a couple of interested parties and an Italian consortium is believed to be in pole position.
Sky Sports understands that the Italian consortium would be looking to bring its own managerial team in and dispense with the services of Hill, despite his record since taking charge.
Hill is now thought to be in talks with Cryne over his future with the Championship club.
Club director Don Rowing confirmed talks had taken place with interested parties over the future of the club.
"We have been approached but there are no offers at this stage," he told the Barnsley Chronicle.
"There are a number of interested parties because the club has been stabilised over the years and is now debt free and is therefore attractive to certain investors.
"The ball's in their court now and if an official offer comes in then we will put it before the board. These things take time and we have to be patient and see if anything transpires.
"Our focus has to be Saturday's game against Ipswich."