Crystal Palace co-chairman Steve Parish hopes to appoint Malky Mackay or Tim Sherwood in next 48 hours

• Steve Parish has held talks with Malky Mackay and Tim Sherwood
• The Crystal Palace co-chairman wants a new man in charge by Thursday
• Tony Pulis left his role at the Eagles after a disagreement regarding the club's transfer policy 

Malky Mackay, who worked alongside Iain Moody at Cardiff, held a second round of talks with co-owner Steve Parish on Monday over the vacant manager's role.

The Scot, who has been out of work since his sacking at Cardiff in December, held initial discussions with Parish on Sunday - as did Tim Sherwood, the other leading candidate for the role.

Parish is set to make the final decision on who he wants to replace Tony Pulis in the next 48 hours.

Meanwhile, it is understood Palace will be due a compensation fee from Pulis' next club, providing he is back in work by December.

Pulis left Selhurst Park last week following a disagreement with Parish over the club's transfer policy.

The 56-year-old is sure to be highly sought-after when managerial roles become vacant in the coming weeks and months given his record of never being relegated.

But his next employers will be obliged to fork out a fee to Palace for Pulis, despite his shock exit last week.