Cellino confirmed the departure of former manager Brian McDermott on May 30, and the Italian owner is keen to hire a British coach to work under a director of football.
And BBC Radio Leeds has announced that former Leeds player and manager Gary McAllister is set to meet with Cellino on Saturday to discuss the vacancy.
The former Scotland captain spent six years as a player with the Whites, appearing 231 times and leading the club to the 1992 First Division Championship - the final season before its rebranding as the Premier League. He rounded out his career with a Coventry City, before a brief, but hugely successful spell at Anfield. Despite signing as a 35-year old, the midfielder was a key component of the Reds cup treble winning team of 2001.
He returned to the club in 2008 as manager, leading the club to the 2008 League One play-off final, losing to Doncaster in the vital game. A stuttering start to the 2008/09 season saw McAllister sacked in December after a poor run of form, including a defeat in the FA Cup to part-time club Histon.
Following his departure from Leeds, the Scot enjoyed spells as a coach at Middlesbrough and assistant manager to Gerard Houllier at Aston Villa, during which he acted as caretaker manager following Houllier's ill health. However, he has been out of football coaching since 2011, working as a pundit for BT Sport, making any potential appointment a risk to his employers.
Considering the turbulent times that have surrounded Elland Road recently, the appointment of a club legend will appease the fans who have shown opposition to Cellino's regime. He may be the coach to convince star striker Ross McCormack to see out his future at Leeds, and he may just be the man to lead the once great club back into the Premier League.