The Black Cats sacked O’Neill after yesterday’s home defeat to league leaders Manchester United and the North East club are now just one point clear of the relegation zone.
Sunderland have top goalscorer Steven Fletcher and captain Lee Cattermole out for the season as well as a number of first team players on the short term injury list.
Di Matteo has been out of work since he was sacked from his post at Chelsea earlier this season following a run of poor league form and being left bottom of their Champions League group.
The Italian has been linked with every Premier League job that has been vacant in recent months but fellow candidates for the Sunderland job include former Middlesbrough boss Steve McClaren, Mark Hughes and Paolo Di Canio.
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