Walter Smith is considering the vacant Wolves managerial role until the end of the season.
The Express and Star are reporting that the Scot has been offered the Molineux hot seat to guide the club to survival, after the sacking of Mick McCarthy 10 days ago.
Already Alan Curbishley has rejected owner Steve Morgan's overtures on two occasions, while Reading manager Brian McDermott yesterday signed a new contract until 2015 with the Royals to end speculation.
Steve Bruce, out of work since he departed Sunderland in December, has also been strongly rumoured to succeed McCarthy in the Black Country.
The Express and Star broke the news via Twitter this morning:
Smith won ten Scottish Premier League titles, five Scottish Cups and six Scottish League Cups during his two stints as Rangers manager, before he stepped down as Gers boss last season. Sandwiched between those two eras at Ibrox was a much maligned three-and-a-half years at Everton and a short but sweet spell as Scotland manager.
The Toffees finished 14th, 13th and 16th in his three full seasons as manager, before a dismal 3-0 FA Cup defeat at Middlesbrough prompted chairman Bill Kenwright to sack him. Accused by supporters as being "dour" and lacking passion for the club, he was replaced by David Moyes, the current incumbent on the blue side of L4.
Sixty three-year-old Smith's experience in the Premier League is likely to cause consternation amongst Wolves supporters, already underwhelmed by the prospect of his return to English football after ten years.
Smith is now odds-on for the Wolves role with most bookmakers:
In March 2004 he answered Sir Alex Ferguson's call to assist with the final two months of Manchester United's season, and helped the club to an FA Cup win over Millwall, but his brief era as manager of the Scotland national team remains more memorable.
Against recent World Cup-finalists France, the Scots won 1-0 at Hampden Park in a Euro 2008 qualifier, and by the end of his tenure their ranking had improved by 70 places. He returned to Rangers halfway through the qualifying campaign, despite the Scottish FA's attempts to resist the Blues' bid.