Once the candidate is selected by Lai, West Brom will aim to implement their selection as soon as possible so that preparations can begin in order to earn promotion back to the Premier League next season.
Speculation would put current caretaker manager Darren Moore and Brentford boss Dean Smith in the running, with Moore being the supporters' choice having clawed back some of the pride that the 'Baggies' had lost this season.
After Alan Pardew was sacked back in April, Moore was appointed interim manager and led West Brom to a five-game unbeaten streak against teams including Manchester United, Liverpool and Spurs.
If Smith is chosen, the club is reportedly adamant that Moore remain on the first-team coaching staff on a permanent basis.
For his part, Moore told 'Sky Sports': ''The main thing here is for West Brom to look back on the season, reflect, and start making the right decisions that are going to put this club back on the football map.''