Legendary Bulgarian midfielder Krasimir Balakov may turn out to be the new head coach of the country's national football team, according to Croatian media reports.

Balakov, a former player of Portugal's Sporting and Germany's VfB Stuttgart, and a bronze medal winner with the Bulgarian national football team in the 1994 World Cup in the USA, is currently coaching Croatia's top team Hajduk. He signed his contract with the squad at the end of May.

Balakov has confirmed he has held talks with the president of Bulgaria's Football Union Borislav Mihaylov, but claims other issues were on the agenda of their meeting.

Croatian media however speculates that the Bulgarian is just beating around the bush, unwilling to divulge insider's information as long as the former German international star Lothar Matthaeus is at the helm of the Bulgarian team.

The other contender for the job is said to be Lyubo Penev, former Valencia and Atletico Madrid striker and coach of football club Litex Lovech. His candidacy has been passionately promoted by Bulgarian Football Union vice-president Yordan Lechkov, who made headlines recently after turning out to be the man who kicked out of Bulgaria's team international star Dimitar Berbatov.

Meanwhile Lothar Matthaeus has denied his future as Bulgaria's football team coach is hanging in the balance after the squad's deplorable performance, voicing certainty that his contract will be extended by 2013.

Balakov, who as a playmaker was the backbone of the Bulgarian national team for more than a decade in the 1990s, all the way until he retired in 2003, last coached in Bulgaria the team of Chernomorets Burgas.

In 2006-2007, he was the head coach of the Swiss team Grasshopper Zurich.

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