Leicester City hope to unveil Nigel Pearson as the successor to Sven-Goran Eriksson on Wednesday, with Hull City now resigned to losing their manager.
Leicester will pay Hull around £400,000 for the return of Pearson, who made the opposite move in June 2010 after a two-year spell in the Midlands. Leicester had earlier courted Lee Clark, although it has been stressed that the Huddersfield Town manager was never offered the position at the King Power Stadium.
Hull had initially rebuffed Leicester's approach for Pearson but, after talks on Monday and Tuesday, the move edged closer.
In his first spell at Leicester, Pearson guided the club to the League One title, with only a penalty shoot-out denying them a place in a Championship play-off final.
The manager's unhappy relationship with the then Leicester chief executive, Lee Hoos, was cited in his accepting a move to the KC Stadium in the summer of 2010. Hoos and Milan Mandaric, who owned Leicester, have since left the club.
Despite having one of the best squads in the Championship, and reportedly one of the largest budgets, Leicester currently lie in 12th position.
Hull, meanwhile, are likely to consider Clark as they look to maintain a strong start to their own campaign. Pearson will leave a team sitting ninth in the Championship, only a point adrift of the play-off places.
