Leicester have called a press conference for Friday morning when they are expected to unveil Nigel Pearson as manager.
The former Middlesbrough and Sheffield Wednesday captain recently parted company with Southampton despite sparing them relegation from the Championship - a feat which ironically sent Leicester down.
The Foxes have been without a manager since Ian Holloway left by mutual consent at the end of last season.
Chairman Milan Mandaric had been keen to speak to MK Dons manager Paul Ince over the vacancy but the former England midfielder is now being heavily linked with Blackburn.
Pearson, 44, takes over at a club now preparing for their first season outside of the country's top two divisions for the first time in their history.
Pearson will become the club's sixth manager since Mandaric took charge at the Walkers Stadium 16 months ago.
He will follow Rob Kelly, Nigel Worthington, Martin Allen, Gary Megson and Holloway.
Northern Ireland boss Worthington had again been linked to the post, along with the likes of John Gregory, Simon Grayson and Paul Lambert.