Everton want Vitor Pereira as their new manager and hope to have him in place before Sunday's trip to Manchester United.
Negotiations have continued over the past seven days, with Everton willing to offer the 51-year old a three-year deal to take control at Goodison Park following the sacking of Marco Silva last Friday.
Everton's plans may be scuppered, however, by Pereira's current club Shanghai SIPG, who are desperate to keep hold of their man and are making every effort - including the offer of a new £25m a year contract - to tempt him into one more season in the Chinese Super League.
Neither Everton nor Arsenal, who are also rumoured to be keen on the Portuguese, will come close to matching the eye-watering wages on offer from SIPG.
While negotiations continue, Pereira has remained in Shanghai and is known to have received the backing of his family if he chooses to stay in China for another year.
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Sky Sports News revealed last week that the Toffees were set to begin talks over a switch for Pereira, after he was put top of a four-man shortlist to succeed Silva.
He has managed a number of top European clubs including Porto, where he won back-to-back Primeira titles, and Olympiacos, where he won a Greek domestic double in 2015.
Duncan Ferguson is currently Everton's interim manager and won an emotional first game in charge, beating Chelsea 3-1 at Goodison Park.
Who is Vitor Pereira?
The 51-year-old has had a varied and well-travelled coaching career so far.
In 2010 he became assistant manager to Andre Villas-Boas at Porto, helping the club to win a treble of the Primeira Liga, Portuguese Cup and the Europa League as the team went unbeaten in their league campaign.
He replaced Villas-Boas when he left for Chelsea and led Porto to back-to-back Primeira Liga titles but struggled to make an impact in domestic or European cup competitions.
Pereira had a 10-month stint in the Saudi Professional League with Al-Ahli before a five-month spell at Olympiakos saw him win a league and cup double in Greece.
However, he decided to leave Olympiakos in June 2015 to join Fenerbahçe but was sacked by the Turkish club after 13 months.
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He took over then-Bundesliga 2 outfit 1860 Munich, with the Bavarian side two points above the division's relegation zone, but he could not save them from the drop after a play-off defeat.
He was appointed by investor Hasan Ismaik for a lot of money but his time with 1860 Munich was to prove chaotic. Pereira brought a big backroom staff and a lot of specialists, but with very few German-speaking people on board.
Following 1860's relegation the club had to go down to the fourth tier as Ismaik was unwilling to pay the fees required to register in the third division, with Pereira leaving the club.
Pereira has enjoyed more success at current side Shanghai SIPG, however, after his appointment in December 2017. He guided the club to their first-ever Chinese Super League title in his first season in charge.
However, he could only manage a third-placed finish last season with the likes of Hulk, former Chelsea star Oscar and Marko Arnautovic among his squad.
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