BURNLEY boss Steve Cotterill will be handed a £1million-plus transfer kitty to replace Ade Akinbiyi and ward off managerless Leicester City.

Akinbiyi, who has agreed personal terms with Sheffield United, will today seal his £1.75m move across the Pennines following a routine medical.

However, alarm bells are ringing around Turf Moor again following the news that Craig Levein was last night sacked by Leicester following six straight defeats.

Former City coach Cotterill, who spent six months at the Walkers Stadium before Burnley appointed him as manager in June 2004, is already thought to be one of the names being targeted to replace the Scot.

Peter Reid, Mike Newell and Gary McAllister are also believed to be in the frame.

And Burnley chairman Barry Kilby will hope that Cotterill, who he admitted was desperately disappointed to lose his star striker, is appeased by finally being handed some serious funding to rebuild the side.

Kilby revealed: "Steve is not happy because understandably he would have preferred to keep Ade and bring in new players.

"He would like his targets plus Ade and we all would, but we have to be realistic - where does the money for that come from?

"I have heard one or two comments about us showing no ambition. We have plenty of ambition, but unfortunately not enough money to fulfil it yet!"

Kilby, who sanctioned the club record deal yesterday, added: "Sheffield United met our valuation (for Akinbiyi) and it is good money. Also it is a golden opportunity to strengthen the squad and Steve is going to get well over £1m of this money to rebuild.

"We have player targets I have already discussed with him and it just depends who is available."

That £1m will include fees and wages for players.

I understand United will pay Burnley an immediate £1.5million cash for Akinbiyi, with two further £125,000 installments thought to be based around United first earning promotion and then remaining in the Premiership.

However, despite being handed much of the club-record transfer fee, time is fast running out for Cotterill to sign striking reinforcements.

The transfer window closes in just five days and unless targets are readily available, the Clarets may even have to dive into the loan market and put their rebuilding plans on hold until the summer.

Kilby accepted: "It's a bit unfortunate about the timing of this deal. It would have been very nice for Sheffield United to come up with this offer three weeks ago, but life isn't like that and we have to deal with reality. We need to build the squad now and we have to deal with that."

Kilby also revealed some of the money earned from Akinbiyi's sale would be poured into further development of the youth system, which is flourishing again following years of decline.

He said: "I want to invest in the youth system because we are doing well in that area now and it needs another boost."