The Blues board, under intense pressure from concerned fans, is poised to set a deadline for ex-Thai prime minister Thaksin Shinawatra's consortium to put up or shut up.

City directors have, it is understood, been assured by billionaire Thaksin's representatives that he still has enough funds available to buy the club, even though the Thai graft busters ordered freezing of his wealth.

The Thai government's bombshell decision put the takeover in jeopardy.

But after detailed discussions lasting almost three days, the talks, officially at an advanced stage, are now said to be "progressing well," the paper online said.

Supporters welcomed the fact that chief executive Alistair Mackintosh had been briefed to identify a replacement for sacked Stuart Pearce, with or without Thai approval.

But with the takeover now very much on again, Mackintosh is liaising with Shinawatra's advisers on the five-strong shortlist.

Key directors and shareholders, reportedly including ex-chairman Francis Lee, want to push on to lure United legend Mark Hughes from Blackburn.

But, though not ruling out Hughes, who is regarded as the best young manager in the Premiership, Thaksin wants to ensure the club explores the prospect of hiring the club's first non-British boss.

Sven-Goran Eriksson, 59, who has been out of management since his England World Cup mission ended in failure 12 months ago, has already thrown his hat in the ring.

He is seen in some influential quarters as the type of manager capable of creating a Kevin Keegan-style level of interest, attracting big-name players and boosting season ticket sales.

The paper said Thaksin's first choice, as revealed by M.E.N. Sport last month, was Claudio Ranieri. He opted to stay in Italy with Juventus, replacing Frenchman Didier Deschamps.

That put Deschamps in the frame for City, and Mackintosh has already flown to Paris to interview him. Graeme Souness who, like Hughes, lives locally was being touted as an early runner, but is not amongst the top five candidates.