With Paul Merson no longer part of the equation at Bescot Stadium, David Kelly is the favourite to become the new Walsall manager.
But Preston North End, for whom Kelly is the assistant manager, are determined to keep hold of the former Republic of Ireland striker.
Billy Davies, the Preston manager, says that there has been no approach from Walsall for Kelly.
Davies said: "I'm not aware of the situation but I'm not surprised because he's a first-class guy. He is a tremendous coach and a tremendous right arm for me.
"He's been excellent since he's been here, and has been a big factor in our success. So the report does not surprise me, because of the quality of his work here. I wouldn't want to lose him. He is very important, and I'm not interested in losing him."
Kelly's professional career began at Walsall in 1983 and extended to 1988. He became one of the most consistent strikers in a career that lasted for 20 years.
Meanwhile, Saddlers central defender Anthony Gerrard has agreed a one-year extension to his contract, keeping the 20-year-old at the club until 2008. n The Football Association say they will give Wembley's builders Multiplex until the last
possible minute to try to complete the stadium in time for this year's FA Cup final.
There were reports yesterday that a decision to stage the final on May 13 in Cardiff had been taken.
Although that is looking an increasingly likely prospect, the FA are adamant that no decision has been taken.
FA communications director Adrian Bevington said: "Nothing has been decided. We are still liaising very closely on a daily basis with our colleagues at Wembley National Stadium Limited and through them Multiplex.
"Of course Cardiff is booked, which was a prudent step as a back-up.
"The critical path originally was for the stadium to be handed over in the autumn of 2005, then it was extended to January 31, 2006 and has now been extended until March 31.
"We are giving Multiplex every chance to conclude the stadium build in time for this year's FA Cup final. But wherever the Cup final is staged this year Wembley stadium will be a fantastic world stage for many, many years and cup finals in the future."
Multiplex are expected to lose more than £100 million on building the £757 million stadium and will be penalised £1 million a week for over-running the deadline.