Brighton have given Gus Poyet permission to speak to Reading over their managerial vacancy, according to reports.
The Premier League's joint-bottom side are seeking a replacement for Brian McDermott, who was sacked earlier this month after a run of four straight defeats.
Neither club has commented on the speculation but Poyet has been backed into odds of 1-10 with several bookmakers.
The former Uruguay international took the Brighton reins in November 2009 and in his first full season in charge led the club to promotion as League One champions.
He is contracted to the south-coast club - currently outside the play-off places only on goal difference - until 2016.
Nigel Adkins started the day at the head of the market but has now drifted out to 11/2, while caretaker boss Eamonn Dolan and Bradford manager Phil Parkinson are both 12/1, with initial favourite Paolo Di Canio now 25/1.
Sky Bet's Chris Spicer said: "The money has poured in across the industry for Poyet to take the job, promoting us to significantly cut his price.
"While a Premier League job initially appears an ideal step up for the highly-rated Brighton boss, it might be considered a questionable move with the Royals 1/16 for relegation, while his current club are 9/2 to reach the top flight as they sit just outside the Championship play-off places."
what do you think?
big mistake, why jump ship from an unfinished project that still has so much potential too go to reading, a club punching well above its weight that's been found out?
As a football fan id have to say leaving Brighton now with the shape they are in would be a mistake, he could well be leading them out in the top tier next season. As a Bolton fan, well the disruption could just help us in a play off bid, I say with sincerity though, they were by far the better team against us the other week. If he moves, sad to say he will most probably be playing championship footy next season.