Coach Tony Lokko is demanding a two-year contract and a GHC 60,000 signing on fee from Hearts of Oak, according to reports.
The former Amiduas Professionals and Berekum Chelsea coach has been widely tipped to replace Herbert Addo who parted ways with the Phobians on Tuesday.
In a telephone chat with Dailysoccerghana.net he confirmed talks with the capital club.
Lokko has been available on the market after leaving second-tier side Kumasi Cornerstone.