Niall Quinn's consortium have reportedly made a last-ditch attempt to persuade Martin O'Neill to take the manager's job.
The Sunderland Echo claims representatives met O'Neill yesterday to offer him another chance to accept the vacant post.
O'Neill is understood to have turned Quinn and his backers down earlier this summer.
However, with the consortium expected to buy former chairman and majority shareholder Bob Murray's 56.8% stake in the club within days, they are hoping greater stability will make him change his mind.
Leading members of the group are thought to have wanted a big-name manager on board before they committed themselves, and Murray admitted this week that progress had been hindered by that requirement.
O'Neill was a leading candidate for the England, Newcastle United and Middlesbrough jobs, but all have been filled by other men.
Sunderland fans have been hoping against all hope that a man whose childhood allegiance to the club is well known would accept the challenge of rescuing it from the depths of despair after last season's disastrous Barclays Premiership campaign.
The players returned for pre-season train on Monday, but did so without a manager, and with Murray stepping down as chairman yesterday, the helm is currently unmanned.
No new signings have been made and only one pre-season friendly has been confirmed with the start of the new season just five weeks away.
Quinn's consortium expect to be in charge by next week, although the remaining shareholders would have 21 days to consider the same offer as that made to Murray.
