Ian Holloway has resigned from his post as Plymouth manager and looks set to become the new Leicester boss.
Holloway has been at Plymouth since June 2006
"Plymouth Argyle confirm that Ian Holloway has tendered his resignation as manager of the club," said a statement from the Championship side.
"A board meeting has been convened for Friday where this will be considered.
"In the meantime, Ian continues to be employed by the club and subject to the terms of his contract of employment," added the club.
Holloway is understood to be Leicester chairman Milan Mandaric's top target to take the reins following Gary Megson's departure for Bolton last month.
Megson left for the Premier League post after just six weeks in charge.
Joe Royle, Graeme Souness and Peter Reid have been interviewed, but Mandaric has now turned to Holloway.
The 44-year-old BBC Sport columnist became Plymouth manager in June 2006 after five years at QPR.
The Pilgrims have been in excellent form in the Championship and lie just outside the play-offs.
BBC Radio 5 Live correspondent Darren Fletcher said: "Ian Holloway would be Milan Mandaric's preferred choice providing Leicester have permission from Plymouth to speak to him and can settle a compensation package.
"Before the international break, he promised the Leicester fans he would have a new man in place by this Saturday's game at Bristol City.
"So if he's going to live up to that promise, he'll have to work fast."