Hibernian have reluctantly allowed the 44-year-old, first choice to replace Neil Warnock, to speak with the Millers following a request by the South Yorkshire outfit last night.
The former Everton and Bolton defender, who recently led the Edinburgh outfit to victory over Rangers in the Scottish Cup final, was pipped for the Millers post in autumn when Neil Redfearn was handed the position.
Despite that decision, the Millers were impressed by the credentials of the Liverpudlian, who was top of their list of candidates when it came to discussing Neil Warnock’s replacement.
Stubbs, 44, has a year left on his contract and compensation would be due to Hibs if he accepts the Millers job.
Rotherham’s chairman Tony Stewart said: “We are hoping we get something together to make preparations for an announcement this week, so we know we were are.
“We will move as fast as we can.”
Rotherham last night said in a staetment that talks with Stubbs “will take place over the course of the next 24 hours.”
Sheffield Wednesday winger Ross Wallace remains confident that the Owls can go “one step further” after heartbreakingly missing out on promotion in Saturday’s Championship final with Yorkshire rivals Hull City.
The defeat ensured that the club’s 16-year absence from the top flight will continue for at least another season.
But Wallace says the Owls can look back on a season of progression when the dust settles.
He said: “Hopefully next season, we can go one step further and get the job done.
“We have come a long way over the past eight or nine months. We have had a lot of players shipped out and in.
“We have got to look at the positives. We have got a young and hungry squad and I think we can be stronger next season.
“If we keep progressing and add three or four players, we have a style of play that the players and fans enjoy, we can feel positive.”
Huddersfield Town Under-21 manager Frankie Bunn has been linked with the vacant managerial role at former club Oldham Athletic.