Souness in Leicester talks

Souness, who ruled himself out of the chance to manage Bolton after being interviewed by Reebok chairman Phil Gartside, has emerged as the front-runner for the job.

Souness: ready

Although Coventry chief Iain Dowie remains on Mandaric's radar, the Leicester chairman is determined to give Souness every chance to become the club's fifth manager since April this year.

Souness has told friends he is ready for the challenge and is relishing a return to management for the first time since he was sacked by Newcastle in February 2006.

He has been linked with a number of jobs recently, including the Republic of Ireland, but will meet Mandaric before deciding on his future.

Mandaric wants to appoint a big name in the wake of Gary Megson's extraordinary departure.

Souness, who has enjoyed mixed fortunes as a manager, was also interviewed by QPR last week but he appears to fit the bill for Mandaric.

He has had a colourful career in management after spells with Rangers, Liverpool, Galatasaray, Southampton, Benfica, Blackburn and Newcastle, but Mandaric believes he could transform Leicester's fortunes.

Under Megson, the team won just three times in nine games before he quit and moved to Premier League strugglers Bolton.

Former Leicester defender Gerry Taggart has been placed in temporary charge and he will pick the team for their Championship clash with Barnsley today.