Rafael Benitez is on the verge of leaving Liverpool after being offered a severance package to step down from the Anfield helm.
The Reds boss is reported to have been offered £3million to end his six-year reign following a disappointing 2009/10 season where the Merseyside club finished seventh in the Premier League and suffered early exits from the Champions League, FA Cup and Carling Cup.
Benitez's agent, Manuel Garcia Quilon, claims he knows nothing about a series of emergency board meetings at Anfield this week, but the Spaniard could be on his way in the next 48 hours.
The 50-year-old won the Champions League in his first season but he has continually failed to bring a first league championship since 1990 back to the club.
In recent years the former Valencia coach has regularly found himself at loggerheads with the Anfield hierarchy, including American co-owners Tom Hicks and George Gillett.
Last month they put Liverpool back up for sale and any managerial replacement could be on a short-term basis while new owners are sought for the cash-strapped club.
Meanwhile, reports claim that Benitez could be offered the Internazionale job should he leave Liverpool.
European champions Inter are on the lookout for a new coach following Jose Mourinho's departure to Real Madrid.
Speaking last week while rubbishing reports that he was wanted by the United Arab Emirates to coach their national team, Benitez was keen to pledge his future to the Reds.
He only signed a new five-year contract in March 2009.
"I am very happy here in Liverpool. I have always been happy and I want to stay here for a long time – if it is possible," claimed Benitez.