Eriksson's five-year tenure will end when the World Cup finishes on July 9, and there has been daily speculation over whom will take over from the Swede.
O'Neill, the former Norwich, Leicester and Glasgow Celtic manager who is taking a break from soccer to look after his sick wife, has been one of the front-runners throughout.
Others include PSV Eindhoven and Australia coach Guus Hiddink, Bolton's Sam Allardyce, Charlton's Alan Curbishley, Middlesbrough's Steve McClaren, Manchester City's Stuart Pearce and Portugal coach Luiz Felipe Scolari, who led Brazil to its fifth World Cup title in 2002.
Premier League chairman Dave Richards, Football Association chief executive Brian Barwick and international committee chairman Noel White will present a list of candidates to an FA board meeting on Feb. 27.
"I do believe it's time for a British manager, somebody who understands our passion, belief and commitment to the game," Richards said in Friday's edition of the Sun. "For me, there's no distinction between English and British."
That would appear to rule out Dutchman Hiddink and Brazilian Scolari, but put Northern Irishman O'Neill in a strong position.
"I don't know yet who it will be. But everyone keeps telling me there are all these coaches available," Richards said. "Well, now we will sit down and find out just who is up for the job."
Bookmakers William Hill reacted by making O'Neill the new 13-8 favorite, with Hiddink, Allardyce and Curbishley each at 7-2, Pearce at 10-1, Scolari at 14-1 and McClaren 20-1.
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