The popular Scot, however, is to remain at the club in a consultancy role and on a one-year contract, but his duties will not include any coaching responsibilities.

Meanwhile, Leeds finance director Melvin Helme has warned potential new owner Steve Parkin to make his move for the club now – or risk missing out on the chance to make the key decisions in the club’s future.

Parkin has held talks with David Richmond in recent weeks with regard to a takeover, but, according to the Leeds’ managing director, the haulage magnate has so far “not shown us the colour of his money.”

Parkin is being asked to not only find over and above the £22m (€33m) chairman Gerald Krasner and his consortium paid for Leeds on March 19, but also at least £15m (€22m) for new players.

Although it is understood Parkin has wealthy backers in his corner, and it is known he is interested in making a bid, he has so far maintained a low profile.

The clock is ticking for with Leeds’ relegation to the Football League cemented at the weekend with Saturday’s 3-3 draw against Charlton at Elland Road, Krasner and the current board are ready to make their moves.

Among the key decisions to be made are the appointment of a new manager following today’s news about Eddie Gray, with Kevin Blackwell in charge of the team for the final Premiership game of the season at Chelsea.

The top stars will be sold once the transfer window re-opens next week, with Alan Smith, Mark Viduka and Paul Robinson all certain to move on.

Helme believes any person looking to run Leeds would want to be at the heart of all the key changes the club need to cope with life in the First Division.

“Over the next two to three weeks there are a lot of decisions which will be taken,” confirmed Helme.

“Nobody seriously interested in taking over would want another party making those decisions.

“If somebody wants to make those decisions themselves then they need to make a move as quickly as possible, otherwise we intend to make them.”