Mark Hughes was set to become the new manager of Queens Park Rangers after several British media outlets reported he was having talks on Monday with the Premier League strugglers.
Tony Fernandes, the Malaysian businessman who owns QPR, sacked former manager Neil Warnock on Sunday after a run of eight league games without a win left the west London side just a point above the relegation zone.
Warnock's final game in charge was Saturday's 1-1 FA Cup draw away to third division MK Dons, where only a late equaliser prevented an embarrassing defeat.
QPR chief executive Philip Beard said Monday they wanted a new manager in place before this weekend's match away to Newcastle, although he refused to say if bookmakers' favourite Hughes, the former Wales, Blackburn, Manchester City and Fulham manager, was their top target.
"I can't confirm anything, what I can tell every QPR fan is that we're working extremely hard to bring in the right person to build some stability at the club and then build for the future," Beard told BBC Radio Five.
Beard added: "I'm hoping that in advance of our important game against Newcastle next Sunday we will have somebody in place, to be up at Newcastle."
He also said any new manager would have funds to spend in the January transfer window, explaining the club wanted Warnock's successor to be able to bring players to Loftus Road before it shut.
It is understood funds are available, with QPR already having had a bid of £5million rejected by Blackburn last week for defender Chris Samba.
"We're already moving into the second week of January," said Beard.
"The reality is there are some funds there and we've got to make the right purchases. It's a tricky month to try and make things happen."
Previously Fernandes, who took over QPR in August having made his name by buying and then reviving the fortunes of airline Air Asia, defended himself on Twitter after accusations from some fans he'd been too hasty in sacking Warnock.
Responding to one angry post, Fernandes -- also the owner of Formula One's Team Lotus -- said: "Easy to call me an idiot. But its harder to make decisions. may be the wrong one and ill be the idiot and ill go but at least ill stand up and be counted."