McCann, who was sacked by Posh in late February, is understood to have been one of three candidates handed second interviews by Rovers on Monday, alongside former Bradford City chief Stuart McCall and ex-Wigan Athletic and Chesterfield manager Gary Caldwell.
After subsequently settling on a preferred candidate, the Rovers hierarchy held further talks with the individual yesterday.
McCann, 36, – the bookmakers favourite for the position – was previously linked with the vacant positions at Rovers’ League One rivals Bradford City and Barnsley earlier this summer and figured prominently on the list of candidates for both roles.
The Northern Irishman was replaced after 22 months in charge at Posh, with the decision viewed in many quarters to be harsh after a record of 42 wins in 105 games in charge.
The London Road outfit were in tenth position in League One and just six points outside of the League One play-offs when McCann left – following a run of seven matches without a win in all competitions.
Northern Ireland international Paddy McNair has completed his move from Sunderland to north-east neighbours Middlesbrough.
The 23-year-old, who dropped out of the Sky Bet Championship with the Black Cats at the end of last season, will make an immediate return with Boro for an undisclosed fee, understood to be in the region of £5m, after signing a four-year contract.
Meanwhile, Boro are also hopeful of sealing a deal for Bristol City defender Aden Flint after the player headed north for a medical with a fee, understood to be in excess of £5m, agreed between the two clubs.
Barnsley defender Matty Pearson has signed for Luton Town for an undisclosed fee on a three-year deal. Pearson, 24, made 17 league appearances for the Tykes last season.
Reds CEO Gauthier Ganaye said: “We’ve made the decision as Matty is wanting this season to play week in, week out, which we can understand and we were happy to help him satisfy that need as well as protecting ourselves as a club.
“It was in our interests as a club to get a good deal, which we certainly have done by making a profit on the player and also retaining an interest in his future.”