Michael O'Neill has emerged as the Irish Football Association's preferred candidate to become the new Northern Ireland manager, BBC Sport understands.
The appointment of O'Neill could be confirmed next week, subject to personal terms and details of his backroom staff being agreed.
The 42-year-old was capped 33 times for his country, scoring seven goals.
The former Newcastle United player won back-to-back league titles as manager of Shamrock Rovers and the part-time Dublin outfit also became the first League of Ireland club to qualify for the group stages of a European competition, after a Europa League play-off win over Partizan Belgrade.
O'Neill also formerly managed Brechin City.
He has ruled out the possibility of co-managing the national team with Magilton, who was his assistant at the League of Ireland club.
O'Neill may, however, consider Magilton for the role of his assistant with the Northern Ireland set-up.
However, Magilton could be on his way to Hartlepool United after emerging as favourite on Friday to succeed Mick Wadsworth as manager at the League One club.