Celtic are ready to offer Martin O'Neill the opportunity to transform the fortunes of the club he supported as a child. The Leicester City manager now stands at the top of a short-list which was officially amended yesterday when the celebrated Dutch coach, Guus Hiddinck, was all but ruled out of the running for a post which has been vacant since John Barnes was sacked three months ago.

Although O'Neill has not been formally approached by Celtic, he is aware of what is a longstanding interest, and despite his deep affection for Leicester the indications are that he would be interested in accepting what has been described as the most difficult job in British football.

O'Neill signed a new, long-term contract at Filbert Street last year, but he insisted on the inclusion of a "get-out" clause which guarantees him immediate release if any interested party agrees to pay a pre-set sum in compensation - believed to be Stg£1 million.

O'Neill is also thought to have struck a loyalty agreement with his employers, one designed to ensure his club would not be subjected to major disruption during the course of a season.

The 47-year-old Irishman promised his chairman, John Elsom, that he would only talk to prospective new employers between mid-May and mid-June, and it would now seem Celtic are ready to use this window of opportunity to succeed where the likes of Everton and Leeds United have failed in recent seasons.

Although O'Neill enjoys considerable support inside the Parkhead boardroom, at least two key members of the Celtic hierarchy are known to favour the installation of one of the club's favoured sons, Mick McCarthy.

A move to Scotland would not only provide O'Neill with the opportunity he has long craved to make his mark at the very highest level, but would also guarantee him financial security for life.

Already one of the highest-paid managers in Britain, with a weekly pay packet of around £18,000, O'Neill could expect to pick up almost £40,000 a week should he accept the onerous responsibility for lifting a fallen giant back onto its feet.

It is only O'Neill's commendable sense of loyalty to Leicester and its supporters which has kept him at the club.

If O'Neill does decide to move on in search of the lasting fame and recognition he has always craved, Leicester would likely install long-serving player Steve Walsh as manager, possibly on a short-term contract.