The Birmingham-based club's board has already accepted the 62.6 million pounds purchase offer set out by American billionaire Randy Lerner and their recommendation is to go before shareholders where it is expected to be confirmed.

A spokesman for Lerner, chairman of the MBNA credit card company and owner of the Cleveland Browns, said O'Neill would be offered a six-year deal -- he is currently on a one-year rolling contract at Villa Park.

The spokesman told the Daily Mirror: "Martin is going to be offered a new long-term deal. It will be the longest managerial contract in the Premiership."

O'Neill, 54, who only joined the club at the start of the month, was expected to earn up to 15million pounds from the contract.

One of Lerner's British-based advisers told the Daily Mail: "He signed the 12-month agreement because he wanted time to work with the players and find out what they were about ahead of the season.

"He was slightly worried that if he didn't take the job when he did he would have absolutely no idea of their capabilities going into the new season.

"He took a slight risk because the deal had not been done. He will be well looked after, no question."