Leicester job interests Sean Dyche but they would have to pay Burnley £2.5m compensation... as Sam Allardyce rules himself out of the running

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Sean Dyche is open to taking the vacant Leicester City manager's job.

The Foxes have begun their search for a new boss after Craig Shakespeare was sacked, news first revealed by Sportsmail's Matt Lawton.

Burnley boss Dyche is emerging as a contender for the role at the King Power Stadium.

Burnley manager Sean Dyche would be interested in taking the top job at Leicester

Sam Allardyce has ruled himself out of the race to take over at the King Power Stadium

And Sportsmail understands the 46-year-old would be interested in speaking to Leicester about the possibility of taking the reins.

Dyche has established a reputation as one of the brightest young British bosses in the game with his brilliant work at Turf Moor.

But a move to the Midlands would represent a significant step forward in the talented manager's burgeoning career.

At present, Dyche splits his time between Lancashire and Northampton, where he has laid down family roots.

Geographically, a move to the Foxes would suit Dyche; Northampton is less than an hour's drive away from Leicester.

Sportsmail understands Leicester are aware a fee approaching £2.5million is required to prise Dyche from his deal at Turf Moor, a cost larger than might be expected.

Dyche was rewarded with better terms towards the end of last season when it became evident he would lead Burnley to Premier League survival – but the club also protected itself with a higher buyout clause.

Dyche's family is based in Northampton, making a move to Leicester even more attractive

The move was kept quiet to avoid distractions arising at a crucial stage of the campaign. The last new deal for Dyche made public was in February 2016 as Burnley headed towards promotion from the Championship.

Dyche is not the only the man in the running for the job though.

Leicester chiefs have a keen interest in former Borussia Dortmund boss Thomas Tuchel, but the 44-year-old is understood to have designs on a more prestigious role.

They are also looking at Huddersfield's David Wagner and Watford's Marco Silva, while Chris Coleman is another name being mentioned. The Wales manager is considering leaving the international scene and would be open to talking to Leicester.

Meanwhile, Sam Allarydce has all but ruled himself out of the running.

'As much as I'd love to manager Leicester, I don't think it's time for me to manage yet,' the former England boss told TalkSport.

'I'm not ready, I don't think. I just feel I am enjoying my life too much. Yes, it would have interested me, yes I would take the Leicester job but not at this time.'

Craig Shakespeare lost his job at Leicester on Tuesday following a draw with West Brom