Liverpool boss Rafael Benitez has been offered a severance deal to leave immediately, BBC Sport understands.
Benitez's agent said he will speak with the Spaniard on Thursday, but if the manager accepts the offer he could leave Anfield by the weekend.
Liverpool won the Champions League in 2005 under Benitez but finished seventh in the Premier League last season.
The 50-year-old signed a five-year contract in March 2009 and has been linked with a move to Inter Milan.
The Italian giants are looking for a coach following Jose Mourinho's move to Real Madrid and Fabio Capello committing himself to England until 2012.
BBC sports news correspondent Dan Roan said: "Members of Liverpool's board were locked in meetings as late as 2330 BST on Wednesday.
"Benitez is currently on holiday but if he decides to accept their offer he could be out by the weekend."
The manager's agent Manuel Garcia Quilon said: "We don't know anything more than what's being said.
"We're not saying anything."
606: DEBATE
I know I'll miss Rafa - Finals, Spanish players, second place, facts, defensive midfielders, Torres, Gerrard being a legend, Reina
AJ_2094
Liverpool declined to comment on the rumours on Wednesday.
It has been reported that it would cost the club about £16m to pay off Benitez, who moved to Anfield in June 2004 to replace Gerard Houllier. But they are currently pursuing a compromise compensation package that is believed to be worth several million pounds.
As well as the Champions League triumph, Benitez also steered Liverpool to the European Super Cup in 2005 and the FA Cup in 2006.
They enjoyed an impressive Premier League campaign in 2008/09, finishing as runners-up, four points behind champions Manchester United, having lost only two games all season.
But they were hugely inconsistent last season, losing 11 times in the league and exiting the Champions League in the group stages. They dropped into the Europa League and reached the semi-finals where they lost to Atletico Madrid.
Several of Benitez's first-team squad have recently been linked with summer moves, including captain Steven Gerrard, Argentina midfielder Javier Mascherano and star forward Fernando Torres.
Benitez had suggested he would require in excess of £50m to put the club back in contention for the Champions League places, let alone the Premier League title.
Co-owner Tom Hicks recently said Benitez would have a "substantial" transfer budget this summer despite he and fellow owner George Gillett trying to sell the club, a process which could take 18 months.
It has since been reported that the funds available to Benitez could be as little as £5m, before selling players.
Liverpool were put up for sale in April, with an asking price of between £600m and £800m, and Hicks had claimed there is a large number of "interested buyers".
Parent company Kop Holdings were £351m in the red last summer with annual loan repayments of £40m.
Speaking last week, Benitez told the Liverpool Echo: "I am very happy here in Liverpool. I have always been happy and I want to stay here for a long time - if it is possible."
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