Tony Pulis is the early front runner to succeed Garry Monk at Sheffield Wednesday.
Pulis has held talks with Wednesday where he outlined his terms, including his demands for a hefty survival bonus.
Further discussions are planned between the club and the former Stoke, West Brom and Middlesbrough boss.
Pulis, 62, has been out of work since Boro did not renew his contract 18 months ago because of their failure to win promotion and he was considered by Owls owner Dejphon Chansiri before he appointed Monk in September 2019.
Chansiri sacked Monk on Monday night with the Owls next to bottom of the Championship and wants his successor in place before their next game at Preston on November 21.
Pearson, 57, is also available and the former Leicester boss has impeccable Wednesday credentials as captain of their 1991 League Cup-winning side, their last major trophy, and lives in Sheffield.
He has been out of work since being harshly sacked by Watford in July with the club three points above the drop zone and the Hornets lost their final two matches and were relegated.
Paul Cook, 53, would love a crack at the Wednesday job and the Scouser has won promotions with Chesterfield, Portsmouth and Wigan.
He quit the Latics in July after they went into administration and were relegated from the Championship.
Monk has expressed his “huge disappointment” in being sacked in his first comments since his axeing on Monday night.
Monk left with Wednesday next to bottom of the Championship, but he insists he met his target of wiping out their points deduction for breaching the EFL’s financial rules.
“Amongst many other factors, strengthening my staff this summer enabled us to meet the target set for this stage of this season; being out of the minus points and beginning the next phase of climbing the league,” he said. “It’s a big disappointment to be unable to see the project through.”
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