Bolton expect to identify who they want as their next manager in the coming days but former Orient boss Kevin Nolan has not applied.

Ex-Bolton star Nolan stepped down as O's manager this afternoon and was listed as one of the favourites for the Trotters post. 

Chairman Ken Anderson, who completed a takeover along with former striker Dean Holdsworth last month, is seeking a "young, new-style" boss as Neil Lennon's permanent successor for the club's first campaign in the third tier since 1993.

And although their relegation has already been confirmed with five Sky Bet Championship fixtures still to come, Anderson is keen to move swiftly in hiring a new boss after trimming the 50-plus applicants down to a trio of contenders.

Press Association Sport understands interim manager Jimmy Phillips and coaching consultant Peter Reid are braced to hand the reins over before the campaign ends as Anderson prepares for a second round of interviews this week.

"I would like to have it done (on Tuesday) but that's not going to be possible," he said of the timescale in appointing a new manager.

"I think it'll be the end of next week we should know who the next manager is and I think we're down to the last three now. We have seen all three managers and this week we will be holding second interviews."

While Anderson stated bookies' favourites Phil Brown and Nolan had not applied for the post, he did reveal what qualities he is searching for in the next boss.

"I really want a young, new-style manager," the former agent added.

"It's going to make it much easier if we have people that work together as a team. Old-school managers don't always want to work with the directors, chairman and people. The people we've identified and spoken to all fall into that category."

Anderson was also forthcoming in explaining what budget awaits the next manager at the Macron Stadium.

He met Bolton's players on Tuesday afternoon with the intention of finding out who wants to be part of their League One tilt and intends to ship out anyone who would rather be elsewhere.

Moving on high earners such as Mark Davies, David Wheater and Jay Spearing may be his top priority as he tries to balance the books on a sum of around £6million per season.

"If you look at the budget - and I've been through them in the Championship and League One since 2013-14 - our budget we've inherited is higher than most of the other clubs," he said.

"It is probably the same as Wigan, who have the highest budget in League One at the moment.

"If the Football League tell me my budget, rather than me telling them, they told me our budget would be £7million. I think it will be £5million or £6million.

"Look at Bradford, third in the league, and their budget is £2million. They have over-performed. I see no reason why we can't perform equally well."