Newcastle are looking to appoint Paco, although Aston Villa and Stoke are keeping an eye on him.
According to a report in Marca, Paco is being targeted by Newcastle as their main candidate for the managerial chair at the end of this season.
The 45-year-old Spaniard, a former international defender, has been in charge of La Liga side Rayo since 2012, leading them to their best ever finish in the top flight in his debut season.
The following two campaigns have progressed in much the same manner, and Rayo currently sit 11th place, with Paco’s contract expiring at the end of this season.
The Spanish club have yet to open talks with Paco over extending his deal, and this has alerted a number of Premier League sides as to his availability. His success in the top flight of Spanish football has increased his reputation, and that has many eyeing him up as a solid candidate for a summer managerial appointment.
The first team to be interested in him are Newcastle, who are looking to hire a manager for next season to replace interim boss John Carver. They are mentioned in the report as making strong advances towards Paco, and are currently favourites to hire the Spaniard.
Aston Villa and Stoke City are also mentioned in the report, although both have stable managers as of now, whilst Championship side Brentford are reportedly looking at Paco as well.