Leicester City have approached the man they want to be their new manager - thought to be former Real Madrid and Chelsea boss Guus Hiddink.

The 68-year-old has recently been replaced as Holland manager by Danny Blind after taking over from Louis van Gaal last summer and has seen his odds slashed to 4/1.

Leicester had contemplated a move for Bolton manager Neil Lennon, with director of football Jon Rudkin believed to be keen to take the former Foxes midfielder back to the East Midlands.

Nigel Pearson was sacked by the Premier League outfit on Tuesday afternoon and now chairman Vichai Srivaddhanaprabha, The Independent understands, has turned his attentions to Hiddink.

The Thai owners of Leicester have previous when it comes to hiring high-profile managers having appointed Sven-Göran Eriksson in 2010. The Swede was relieved of his duties at the King Power Stadium just 13 matches into his first full season.

Leicester chairman Vichai Srivaddhanaprabha (Getty)

The club's hierarchy are not afraid to hide their ambition and have set their targets on a top-half finish with a long-term focus on qualifying for European football.

Hiddink's achievements include lifting the Eredivisie, Dutch Cup and European Cup while in charge of PSV Eindhoven before leading both Holland and South Korea to the semi-finals at the 1998 and 2002 World Cups respectively.

In 2006, he guided Australia to their highest point at the 2006 World Cup before reaching the semi-finals of the European Championships with Russia in 2008. After becoming allies with Roman Abramovich, the Dutchman then won the FA Cup during a short spell in charge of Chelsea.

Guus Hiddink won the FA Cup while in charge at Chelsea (Getty)

He has since enjoyed periods with the Turkish national side and Anzhi Makhachkala before returning for a second spell with his home country.

Hiddink is thought to be considering his options, with retirement one possibility, but Leicester have reportedly sounded him out as the high-profile figure they want to install in Pearson's place.

Having also managed Fenerbahçe and Valencia, the Foxes believe he could help repair the club’s image in the Far East following the sex tape scandal which involved three Leicester youth players.