Sunderland owner Ellis Short will reportedly not make a decision regarding the managerial situation until the club's fate is sealed.
The Black Cats are currently one point away from safety in the Premier League with five games left to go.
Dick Advocaat holds the manager's job at the Stadium of Light, but it is not yet known whether the Dutchman will retain his position for next season.
According to The Northern Echo, Watford boss Slavisa Jokanovic, who guided the Hornets to top-flight promotion at the weekend, is a contender, but the club are not prepared to consider coaching changes until their position is safe.
Sunderland's next game is at home to Southampton on Saturday.
