Paul Lambert strong favourite to take over as Blackburn Rovers boss

But it is understood that Rovers owners Venky’s would be willing to be pay compensation if their search for a successor to Gary Bowyer turns to a boss already in work.

MORE TOP STORIES:

Lambert, a Champions League winner with Borussia Dortmund in his playing days, has been without a club since leaving Aston Villa in February.

But it is the job he did at his previous club Norwich City, who he led to back-to-back promotions to the Premier League, that has most caught the eye of Venky’s.

Lambert, who also represented Celtic and Scotland during his decorated playing career, is said to be refreshed and ready to get back into football.

And it is thought that the 46-year-old, who is also attracting interest from QPR, would bring Alan Irvine back to Ewood Park as his number two.

Irvine, who left his position as West Brom’s head coach in December, made 62 appearances for Rovers between 1989 and 1992.

After retirement he joined the club’s coaching staff and as academy director helped bring through players like David Dunn.

Rovers have paid off Bowyer and his entire first-team backroom staff.

So, with the club currently under a Financial Fair Play embargo, the fact that Lambert and Irvine are free agents could also appeal.

But the embargo would not deter Venky’s from paying compensation for a new manager if required.

Slavisa Jokanovic, who led Watford to promotion from the Championship last season, is one in-work boss Rovers have been linked with.

But sources in Israel suggest that the current manager of Maccabi Tel Aviv, who are playing in the Champions League, is not interested in the position.

Another manager who is thought to have attracted the attention of Venky’s is former Chelsea and Holland striker Jimmy Floyd Hasselbaink, who guided Burton Albion to promotion last season and who has won 30 of his 50 matches in charge of the League One high flyers.

Hasselbaink is one of the favourites for the vacant Fulham job.

Rovers have been inundated with applications to become the 39th permanent boss in the club’s 140-year history.

One man who wants the job is former Southampton, Wolves and Cardiff City manager Dave Jones whose CV includes three promotions.

But whoever takes over from Bowyer is set to start his reign with the embargo still in place.

Rovers are looking at ways in which they could lift it without having to sell another player in the region of £4m-£5m.

And last night there was fresh speculation over the future of the in-form Ben Marshall who was the subject of interest from Brighton & Hove Albion in the summer.

But as things stand Rovers remain under the embargo which has prevented them from signing players for fees since January.