Leicester City are hopeful of persuading Guus Hiddink to take over from Claudio Ranieri until the end of the season, although the Dutchman is understood to be reluctant to take on the role at such short notice, meaning the Premier League champions could turn to caretaker manager Craig Shakespeare on a permanent basis.

Representatives of Hiddink, who has been out of work since leaving his second spell as Chelsea’s interim manager last May, are believed to have been approached over the weekend by Leicester officials to gauge whether the 70-year-old would be interested in succeeding Ranieri after the Italian was sacked last week. However, having indicated several times during his second spell at Stamford Bridge that he was intent on retiring after nearly three decades in management, it remains to be seen whether he can be persuaded to change his mind.

Nigel Pearson, the manager who led Leicester to safety in the 2014‑15 season with seven victories from their final nine matches, has emerged as the bookmakers’ favourite after a number of reports stated the 53-year-old is wanted by several influential senior players, although any return to the King Power Stadium remains unlikely given the circumstances of his departure because of “fundamental differences in perspective” with the club’s Thai owners. David Wagner, the Huddersfield Town manager, and former Portugal international Sérgio Conceição – currently managing the French side Nantes – are both believed to have turned down the opportunity to discuss the vacancy, while Vítor Pereira of 1860 Munich has also been mentioned as a potential candidate.

Leicester entertain Liverpool on Monday night with Shakespeare taking charge of the team for the first time since Ranieri’s sacking. Crystal Palace’s victory against Middlesbrough on Saturday means they will start the match in the bottom three as they bid to avoid becoming the first reigning English champions to be relegated since Manchester City in 1938, with the man who served as Pearson’s assistant during both of his spells at the King Power Stadium thought to have support among the playing staff to take over until the end of the season.

Meanwhile, Marc Albrighton has become the latest Leicester player to distance himself from reports that he played a role in Ranieri’s departure, insisting he has been left “very angry and upset” over the speculation. The mother of Albrighton’s partner was killed in the beach attack in Tunisia in 2015 and the 27-year-old paid tribute to his former manager for the support he was shown.

“I rarely comment on press stories, however I am very angry and upset with The Times’ article and other speculation suggesting I was involved in any discussions or meetings regarding the manager’s departure,” he said in a statement. “This is totally incorrect. I had a good relationship with the manager and total respect for what he achieved for the club. I spoke with him after he left and thanked him personally for everything he did for me.

“At the worst time of my family’s life, the manager helped me achieve something I didn’t think in my wildest dreams would be possible. It helped us to be positive about something when everything was negative.

“The first day I met the manager he told me he believed in me; before the last game of his LCFC reign, he told me the same. I will never be truly able to thank him for everything he has helped me achieve and the faith he has shown in me and he knows that I always did my best for him.”

Martin O’Neill, who led Leicester to two League Cups during his spell as manager, has insisted he is not interested in being considered for a return given his commitments with the Republic of Ireland but admitted he felt Ranieri should have been given more time.

“With the exploits there last year under him, he had the right in my opinion to see it through this season,” he said. “It is not as if there are three games left and they are adrift – a couple of wins will take them out of trouble. So I think it was a really sad day.

“Leicester won the Premier League last year by quite a number of points, a phenomenal achievement that will not be done again in Premier League history. The players took an awful lot of credit for that and in many aspects, Ranieri dropped into the background.

“I know that there is pressure on, that clubs have to win football matches, how important it is financially to stay in the Premier League. But Leicester, while in trouble, were not the only team losing matches.”