Trapattoni and Venables are regarded as leading contenders

The panel, led by caretaker manager Don Givens, told the Football Association of Ireland on Sunday night that its work would be completed within 10 days.

Former Italy boss Giovanni Trapattoni is now understood to be the FAI's preferred choice for the position.

Terry Venables remains in contention although he is believed to be unhappy at the length of the process.

Trapattoni, 68, is reported to be keen to move on from his current position with Austrian club Salzburg.

However, Trapattoni has never broken a contract and it's far from certain that he will ultimately be prepared to make the move to the Republic job.

There may also be a concern that he speaks very little English although this issue didn't stop Fabio Capello being appointed England boss.

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The Republic headhunters will now hold further discussions with Trapattoni to ascertain his position but the job appears to be the Italian's if he wants it.

Givens, along with the other members of the selection panel, Ray Houghton and Don Howe, gave the Board of Management of the FAI a progress report in Dublin.

It had been expected that the Republic would end weeks of speculation by announcing their new manager on Sunday night, but the wait goes on.

The Republic face Brazil in a friendly at Croke Park on Wednesday with U21 manager Givens taking charge of the team.

Trapattoni has a wealth of experience having coached AC Milan, Inter Milan, Fiorentina, Juventus, Bayern Munich and Benfica.