Russo is said to be the preferred option of Boca's newly elected president Jorge Ameal and his deputy Juan Roman Riquelme, reports Xinhua news agency.

Other candidates touted for the position are former Huracan and Colon head coach Eduardo Dominguez and ex-Colombia national team manager Jose Pekerman.

Russo has been out of work since being sacked by Paraguayan club Cerro Porteno in October. The 63-year-old former Argentina international midfielder managed Boca in 2007, when he led them to the Copa Libertadores title. He was sacked less than six months later after the team's 4-2 loss to Milan in the FIFA Club World Cup final.

Alfaro stepped down as Boca's head coach after their 1-0 defeat to Rosario Central in the Argentinian Superliga on Sunday. The result left the Buenos Aires outfit second in the top flight standings with eight wins, five draws and three losses.