Leicester chairman Milan Mandaric is in the process of putting together a shortlist for the vacant manager's position and has refused to rule out a move for Swansea boss Paulo Sousa.
Nigel Pearson left the club to become manager of Hull earlier this week and, although some reports have suggested Sousa has already agreed to take up the post at the Walkers Stadium, neither club has yet made an official announcement.
On the speculation surrounding Sousa, Mandaric told the Western Mail: "I cannot comment on that, but we are in the process of forming a shortlist. I was quite surprised at Nigel Pearson's departure. But that is in the past and now we have to look for what's best for this club and to replace a good manager with a good manager. We are forming a shortlist and we will start to approach clubs in the next 48 hours."
Swansea chairman Huw Jenkins has stated there had been no contact between the two clubs and added: "As far as I am concerned, everything has been running as normal.
"And considering our relationship with Paulo and with his agent, I would fully expect them, if there was any approach direct to them and not via the official route through myself at the club, to let me know about it."
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