MK Dons plan to open talks with Exeter manager Paul Tisdale later this week, Sky Sports News understands.
Tisdale, the longest-serving boss in English football, endured Wembley heartache for the second consecutive season on Monday, losing 3-1 to Coventry in the Sky Bet League Two play-off final.
The 45-year-old has been in charge of Exeter since 2006, but is yet to sign a new contract to stay at the club.
MK Dons have been without a manager since Dan Micciche was sacked in April and have been unable to hold talks with Tisdale until Exeter’s season finished.
Following defeat at Wembley, Tisdale refused to commit his future to Exeter.
Paul Tisdale described Exeter’s League Two play-off defeat to Coventry as devastating considering they also lost last year’s play-off final as well
“We’ll have to see, it’s not a yes or a no,” he said.
“There’s an offer there for me but I’m within my rights not to sign that and wait for the end of the season.
“It’s a disappointing way to finish the season so it’s probably not the right time to discuss my future.”
Sky Sports News understands Tisdale remains the Dons’ first choice although no agreement is imminent.