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Other names being suggested for the job include Glen Roeder, formerly of Newcastle United, former Sheffield United boss Neil Warnock and Foxes legend Simon Grayson who steered Blackpool into the Championship and saw his side beat Leicester on the opening day of the season.
It is believed that a disagreement between chairman and manager surrounding the possible transfer of veteran striker Jimmy Floyd Hasselbaink was the cause of Allens sudden demise.
However, the popular figure of Martin Allen will be difficult to replace, and whoever is given the task of filling his boots, will need to cope with the pressure of Milan Mandarics demands of immediate promotion into the Premier League.