Bulgaria's national football team coach Lyuboslav Penev is negotiating an extension of his contract, which expires in December.

Bulgaria failed to qualify for the 2014 World Cup, but made significant progress under Penev, who took charge of the national team in October 2011.

Numerous foreign clubs, from Russia and Spain, are believed to be interested in signing Penev as their coach, but the Bulgarian Football Union (BFU) will be keen to hold on to him for the 2016 European Championship qualifiers.

Earlier on Wednesday, Penev met with BFU President Borislav Mihaylov to discuss a possible 2-year extension of his contract, revealed the sports daily Meridian Match.

It is reported that Penev has asked for a double raise on his salary, which was expected by the BFU. Further talks will be scheduled over the coming weeks.

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