Bolton should have a clearer idea tonight as to whether their preferred managerial choice Owen Coyle will be making the short trip to the Reebok Stadium from Burnley.
The Clarets boss met his chairman Barry Kilby last night to explain his plans after being given permission to talk to their Premier League rivals.
However, according to a Burnley statement, both parties opted to take 24 hours to think things over.
The statement read: "Senior Burnley officials have, on Monday evening, held detailed talks with first-team manager Owen Coyle over his future at Turf Moor.
"As a result of these talks over Coyle's future with his current employers, both parties have decided to take a further 24 hours to digest the information shared before making any further announcement.
"There will be no further comment during this time from Burnley or Owen Coyle."
Coyle is thought to be keen to return to the club where he enjoyed two and a half seasons as a player in the 1990s.
But apparently Bolton will have to come up with more than £3m in compensation. It is understood a clause was inserted into his contract when he signed a 12-month extension to his existing three-year deal in the summer.
Reports yesterday suggested a financial agreement had already been reached between the clubs, but they remain unconfirmed.
Bolton chairman Phil Gartside shortlisted Coyle for the manager's job before he appointed Megson in October 2007 and subsequently recommended him to Burnley, where the former Irish international took over the following month.
When Megson was sacked last week, Coyle was installed as Gartside's top target and it appears the ambitious 43-year-old would welcome a move.
Having steered Burnley to promotion to the top flight for the first time in 33 years, Coyle has had to work on a shoestring budget.
He recently remarked after the St Stephen's Day fixture with Bolton that they had three times Burnley's budget.
Bolton are hoping to have Coyle in place so he can take the team on Saturday when they face Sunderland.
Before then they face a trip to Arsenal tomorrow, and it looks likely caretaker manager Chris Evans, assisted by head coach Steve Wigley, will again be in charge.
OWEN COYLE FACTFILE
1966: July 14 -- Born in Paisley, Scotland.
1985: Begins his professional career with Dumbarton.
1988: Joins Clydebank.
1990: Moves to Airdrie for £175,000. Finishes season as top scorer in the Scottish League for the 1989-90 season. Wins promotion with Airdrie and reaches the Scottish Cup final, losing to Rangers.
1993: Signs for Bolton for £250,000.
1994: Wins one and only cap for the Republic of Ireland, coming on seven minutes from time in a friendly against Holland.
1995: Wins promotion to the Premiership with the Trotters. Transferred to Dundee United for £400,000. Scores winning goal in extra-time in the play-off final against Partick Thistle to help United to promotion.
1997: Joins Motherwell.
1999: Signs for Dunfermline.
2001: Returns to former club Airdrie after a loan spell with Ross County.
2002: Airdrie go into liquidation, Coyle joins Falkirk.
2003: Becomes co-player manager at Falkirk alongside John Hughes. Returns to Dundee United.
2004: Joins the newly reformed Airdrie as player-coach following a loan spell.
2005: Takes over at St Johnstone.
2007: Signs three-year contract to become Burnley boss.
2008: Leads Burnley to League Cup wins over Chelsea and Arsenal.
2009: Takes Clarets into the Premier League . Signs contract extension at Turf Moor.
2010: Burnley confirm Coyle has held talks with Bolton over the managerial vacancy at the Reebok Stadium.