Sheffield Wednesday are said to have wanted Fonseca to replace Carlos Carvalhal.
The Sheffield Wednesday manager will meet with his chairman after the Easter weekend.
Derby County and Sheffield Wednesday remain in contention for a play-off finish this season.
The Sheffield Wednesday chairman issued a somewhat concerning statement via the club's official website last week.
Sheffield Wednesday are currently 11 points away from the play offs, but they have improved in recent weeks.
Some pre-season expectations had hopes of a playoff charge but it's back to square one for the Owls after a poor first half of the campaign under Jos Luhukay.
The Sheffield Wednesday chairman returned to England at the start of this week.
Sheffield Wednesday owner Dejphon Chansiri has been busy defending current boss Jos Luhukay this week.
The Thai businessman says he is putting Sheffield Wednesday up for sale.
Aston Villa are said to be interested in taking Sheffield Wednesday midfielder Barry Bannan.
Liverpool have reportedly been tracking the Lille ace for quite some time.
Tottenham Hotspur and Liverpool are among the clubs reportedly interested in Bruno Fernandes of Sporting Lisbon.
Darren Bent thinks that Tottenham Hotspur and Manchester United are the two options in England for Real Madrid winger Gareth Bale.
Neville believes having the Reds and Spurs contesting the final three weeks after the Premier League finale was 'nonsense'.
The Sassuolo ace recently suggested that he would like to join Liverpool.
Liverpool seem to be on the verge of achieving something very special.
Liverpool defender Virgil van Dijk was in action for the Netherlands against England on Thursday.
Leeds United are said to be interested in snapping up Helder Costa on loan from Wolverhampton Wanderers.
Reported Leeds United January transfer target Daniel James is leaving Swansea City for Manchester United.
Axel Tuanzebe had a brilliant season at Aston Villa, on a loan spell from Manchester United.