Martin O'Neill will be offered a lucrative new six-year deal when Randy Lerner's £62.6million takeover of Aston Villa goes through.
O'Neill only signed a 12-month rolling contract when he accepted the manager's job last month, but the American credit card billionaire views the Irishman as the right man to spearhead a revival at Villa Park and is prepared to give him the security of a long-term deal.
A spokesman for Lerner told the Daily Mirror: "Martin is going to be offered a new long-term deal. It will be the longest managerial contract in the Premiership.
"Randy will sit down when the time is right to discuss what Martin needs. That is what will drive this, the needs of Martin O'Neill and Aston Villa."
Press reports have suggested the contract could be worth up to £15million to the ex-Celtic manager.
The completion of Lerner's takeover now looks to be nothing more than a formality, after the club's board recommended that shareholders should accept the American's offer.