Currently part of the backroom staff at AFC Bournemouth, former Cobblers midfielder Hargeaves has been at the head of the betting to replace Aidy Boothroyd at Sixfields for the past few days.
A twist in the tale, however, has been the sacking this week of Alan Knill by Torquay, another club where Hargreaves was a popular player.
The Daily Echo reports that a formal approach from Plainmoor is being prepared.
http://www.bournemouthecho.co.uk/sport/cherries/clubnews/10911379._/