Holloway resigned as Argyle chief on Wednesday and held talks with Leicester chairman Milan Mandaric on Thursday as the Foxes look to appoint a successor to Gary Megson.

Holloway would become the Foxes' third manager this season, following Martin Allen and Megson, who left to join Bolton in October.

Holloway believes the opportunity to become the new Leicester manager is too good to turn down.

He told Sky Sports News: "It's a whole new role for me and it's something I don't think I could turn down.

"I have been a manager for 11 years and I've always been the bridesmaid and never the bride. It's a challenge and I am not one to turn down a challenge."

Holloway has resigned as manager of Plymouth but officials at the club have not accepted his decision and have scheduled a board meeting for Friday when the situation will be discussed.

Holloway added: "To the people at Plymouth I am ever so sorry. I just didn't think my heart was in it once I heard Leicester were interested."

Foxes chairman Mandaric added: "It is most important to get the right guy and if we can get Ian he will be the right guy."