Leicester City vice-chairman Aiyawatt Raksriaksorn insists that Sven-Goran Eriksson's replacement as Foxes manager has not already been lined up.
City legend Martin O'Neill is the bookmakers' favourite to take over from Eriksson following his exit on Monday.
Raksriaksorn told BBC Radio Leicester: "I have not decided anything yet.
"I've not contacted him [O'Neill] yet. Maybe he is the right one for everyone. If I have the chance to speak to him, let's see."
O'Neill, who managed the Foxes between December 1995 and 2000, would be a hugely popular appointment with the fans.
He led the club to two League Cup wins in 1997 and 2000 before taking over as Celtic boss and then became Aston Villa manager in 2005.
But he has been out of work since quitting Villa in 2010.
Raksriaksorn, who is left to run the club by his father and chairman Vichai Raksriaksorn, added: "I have to see everyone first and we will decide.
"Maybe you will see soon but I really don't know now who will be the next manager but very soon we will know."
Raksriaksorn also insisted replacing Eriksson as manager was a very tough call, but that performances and results had simply not been good enough during the Swede's near 13-month reign.
The club's big-spending Thai owners are desperate to win promotion to the top flight this season.
And although City are only two points off the play-off places, the owners have been unimpressed with an inconsistent start to the campaign in which they have won five and lost four of their opening 13 league games.
"The decision is really difficult to make," Raksriaksorn explained.
"After the Millwall game [Saturday's 3-0 home defeat] I had not decided anything yet but I had to discuss quite long with Sven about everything since last season and this season.
"And he accepted that the results are not good enough and the performances - compared to the investment he requested and I have supported him 100 per cent [were not good enough].
"I don't blame anyone - Sven or Derek [Fazackerley] but someone had to be responsible so Sven said he understand and accept everything.
"Of course I am open in my mind and welcome every offer from everywhere so let's see."