Manuel pellegrini is Zenit St Petersburg’s No 1 choice when he leaves Manchester City
But the Chilean, 62, would prefer to stay in England or return to Spain.
It is thought Newcastle are keen on Pellegrini, who lifted the Capital One Cup for the second time at the weekend.
He was linked with Chelsea after announcing last month he would make way for Pep Guardiola this summer.
But Blues owner Roman Abramovich is now ready to land Italy’s national team boss Antonio Conte.
Pellegrini — who has previously coached at Real Madrid, Villarreal and Malaga in Spain — has also been linked with Gary Neville’s job at Valencia.