Chester City owner Steven Vaughan is in talks with former manager Mark Wright about a possible return to the Deva Stadium.
Speaking to BBC Radio Merseyside, Vaughan said his return could see some investment into the club and that talks have so far been very positive.
"We discussed the possible investment into the club and the possibility of him joining the board," said Vaughan.
"I stress that discussions are at an early stage."
Wright, 45, who has had two previous spells as Chester manager and was present at their friendly with Everton last week, is keen on a return to football in a full-time capacity.
Vaughan also suggested that Wright recognises the club, who have lost their first three games of the season, are going in the right direction.
"Mark tells me he sees potential in our new training ground facility," said the Merseyside businessman. "He is also interested in our plans for the development of the Deva Stadium."
Wright first took over as City boss in their Conference days in January 2002, but quit in August 2004, just four months after leading the club back into the Football League.
He then returned following the sacking of Keith Curle in February 2006, but this time stayed only 14 months, resigning shortly before the end of the 2006/07 season.
Current boss Simon Davies took over following Bobby Williamson's sacking in March. And his team have so far won just once in his 14 games in charge.