Sven-Goran Eriksson is close to agreeing to take over as Manchester City manager, BBC Sport understands.
The former England coach is considering an offer from City's prospective new owner, Thaksin Shinawatra.
And a report in the Manchester Evening News also claims Eriksson, 59, will be unveiled at Eastlands early next week.
Keith Harris, who brokered Thaksin's bid for City, told BBC Five Live's Sportsweek programme there is a 'fair chance' Eriksson will be appointed.
City had identified three other bosses had Eriksson declined Thaksin's offer.
It is understood the alternatives to Eriksson were Sevilla's Juande Ramos, former Porto and AZ Alkmaar coach Co Adriaanse and Blackburn's Mark Hughes.
"The important thing is that a good quality manager is chosen and that a manager who wants the job takes it in the next couple of days"
Harris, executive chairman of Seymour Pierce Investment Bank, confirmed a fall-back option was in place.
But it now looks likely Eriksson will return to football at City, 12 months after his England reign ended with defeat in the World Cup quarter-final against Portugal in Germany.
"There has been an enormous amount of publicity surrounding him, some good and some not so good," added Harris.
"The important thing is in the research that I've done and with the people I've spoken to, whose opinions I respect. What they all say absolutely to a man is that his respect amongst English players is very high. They all hold him in high regard.
"City's academy has been successful in bringing through young England players, so it would knit well in that respect."
"City want to attract a high quality manager who can in turn attract high quality players.
"Eriksson is on the list of candidates but we don't know if he will accept, so it behoves anyone to think of alternatives.
"The good news is the alternatives have not been in the gush of publicity and there are talks going on with those others as well.
"But the important thing is that a good quality manager is chosen and that a manager who wants the job takes it in the next couple of days."
Thaksin admits it will take time to turn City into a force in English football. The prospective new owner of the club is convinced it will happen, however.
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"I would like to see City in the top six," he told the Manchester Evening News.
"It will not happen overnight, especially this season. It is a bit late for us to do much.
"But this year will be much better than last year. Within three seasons you will see a big change at City."
Thaksin intends to attend every match, if he remains based in London.
He added: "We have room to improve the club because we can bring in a new coach and new players.
"They have a good team and we can add more strikers and midfielders to create a better team."
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