As predicted by betting experts, former Newcastle United striker Alan Shearer is set to make a sensational return to the club as manager until the end of the season.
The 38-year-old will take over from Joe Kinnear, who is continuing his recovery from heart surgery, for the last eight games of the campaign.
Reports suggest Iain Dowie will be named as Shearer's assistant.
Meanwhile, Manchester City striker Craig Bellamy has been ruled out of Wales' World Cup qualifier against Germany after injuring his knee in training.
Sunderland striker Djibril Cisse has been arrested on suspicion of common assault following an incident outside a lap dancing bar.
The France international was eventually released on police bail by officers investigating the incident that occurred in Newcastle city centre.
Wolves winger Michael Kightly's season is over after it was confirmed he suffered a broken metatarsal in Tuesday's friendly game against Shrewsbury Town.
The former Grays Athletic star sustained the problem when he landed awkwardly and has been told he needs surgery on his left foot.
Southampton's parent company is expected to be placed into administration within the next 24 hours.
Shares in Southampton Leisure Holdings PLC were suspended by the stock market on Wednesday morning.
The company has been struggling with debts and has revealed that it is unable to publish its half-yearly accounts.
However, if the company does have to move into administration, Saints may not be docked ten points by the Football League.
In cricket, Amjad Khan has been forced to leave England's tour of the West Indies because of a cartilage injury.
The Kent bowler has returned home to have treatment on the problem and will play no part in Friday's fifth and final one-day international in St Lucia.
Khan flew out to join the Test squad as cover for injuries, making his England debut in the fifth Test in Trinidad.
He also played in the Twenty20 international defeat, but has not featured in any of the one-day internationals.
In rugby union, Ospreys centre Gavin Henson will be sidelined for six weeks after suffering ankle ligament damage at the weekend.
The news means that the Wales international, who has started only 11 matches in the last 12 months because of a succession of injuries, could miss the Lions' tour to South Africa.
The 27-year-old had to be substituted during the Ospreys' defeat by Gloucester in the EDF Energy Cup semi-final at the Ricoh Arena.
In formula one, Toyota have decided not to appeal against the time penalty given to Jarno Trulli at Sunday's Australian Grand Prix.
The Italian, who crossed the line in third position, was given a 25-second penalty by race stewards for overtaking Lewis Hamilton during a safety car period.
The ruling meant Trulli was eventually classified in 12th position.