Sunderland chairman Niall Quinn has promised to deliver a manager "who will give the people the lift they need" following a disastrous start to the season and Roy Keane has tonight been linked with the job.
Kevin Keegan, Alex McLeish, Graeme Souness and Peter Reid have all been touted but Sky Sports television reports that former Republic of Ireland captain Keane is ready to accept the job.
Quinn has reportedly offered Keane a contract, but it has yet to be signed and Sunderland are refusing to elaborate on the speculation.
"Sunderland AFC can confirm that contrary to reports in the media, no new managerial appointment has been made at this time," a club statement read tonight.
"The club is in discussions with a high-profile figure and is hopeful an announcement will be made in the near future."
A spokesperson for Keane could not be contacted.
The 35-year-old has no prior management experience but he enjoyed enormous success during his playing career. He was also an international team-mate of former striker Quinn.
He retired as a player in June, after a short spell with Celtic during which he helped the Glasgow side win the Bank of Scotland Premier League and Scottish League Cup.
Keane ended a 12-year association with United in November 2005.
Quinn confirmed in the wake of last night's humiliating Carling first-round defeat at Bury that he hopes to have a new man in place within days.
He said: "I stepped into the role [as manager] because we didn't get the quality of manager I thought we would, but we are now getting very close to that.
"I didn't like to put the players under pressure in the last month by saying I was still looking, but I know my role here is best as chairman. "I would say in the coming days, maybe over the weekend, we may have better news.
"We have tracked a would-be manager for the last four weeks and we are getting closer. I can't name him as there is nothing done yet.
"I would reassure fans of the commitment and the effort of the group of people who have backed this club. "We think we have someone who will give the people the real lift they need and we will give him the budget he deserves."
Quinn added: "It has been hard in the transfer market. We are way behind, but I would hope by Monday I can say 70-30 we will have a world-class manager in place.
"The chances are I won't be in charge for the next match. I have been working very hard behind the scenes with my group to get a new manager, and he can't come soon enough."