Leicester City have reportedly given Martin O'Neill a 48-hour deadline to decide on whether he wants to become the next manager of The Foxes.

O'Neill led Leicester from 1995-2000, but has been out of work since leaving Aston Villa in August 2010.

Leicester owner Vichai Raksriaksorn wants to bring O'Neill back to the King Power Stadium after outgoing manager Sven-Goran Eriksson was sacked earlier this week.

It is understood that O'Neill is holding out for a Premier League job offer, but Raksriaksorn is determined to win promotion to the top flight after spending millions on new signings over the summer.

Leicester are currently 13th in the Championship, with 19 points from 13 games.