Steven Gerrard has been offered the MK Dons job and will confirm whether or not he will accept it on Monday, Sky sources understand.
The former England and Liverpool captain is leaving LA Galaxy when his contract expires next month and is looking for a new challenge in football.
Gerrard told Galaxy TV earlier this week: "Although I'm going back to England to live, it's certainly not the end of me in football terms. I've got a lot of things to consider over the coming weeks and months, and I'm sure I'll be back involved in the game.
"I've got options on the pitch, off the pitch."
The 36-year-old joined the MLS side in June 2015 after spending 17 years in Liverpool's first team, playing 710 times and winning eight major trophies.
Gerrard, who is is currently pursuing his Uefa A coaching licence, has also been linked with Scottish champions Celtic where he would be reunited with former manager Brendan Rodgers.
Liverpool's current manager Jurgen Klopp said Gerrard would "always so welcome at Liverpool FC" when asked whether there could be a role for the Reds legend at Anfield.
League One strugglers MK Dons are searching for a new manager after Karl Robinson's departure last month after six years in charge.
Dons chairman Pete Winkelman made Robinson the youngest manager in the Football League when he handed him the reigns at the age of 29, while Paul Ince and Roberto Di Matteo have also managed the Buckinghamshire club.
Former assistant manager Richie Barker is currently in charge on a caretaker basis while the club searches for Robinson's permanent successor.