Adam Pearson, the Hull City chairman, will wait at least a month until appointing a manager at the financially troubled club.

Iain Dowie, who took charge for the final nine games of the season but failed to prevent relegation from the Premier League, wants the job but Pearson is making cost cutting – specifically trying to reduce the wage bill to £15m from £4om – his immediate priority.

Although no quick decision will be made on his future, Dowie is due to meet Pearson and Hull's owner, Russell Bartlett, this week. On Wednesday Hull's board will also meet Phil Brown, the manager they placed on gardening leave in March.

While there is understood to be no chance of Brown returning as manager, his settlement will be discussed. With Hull unable to pay the £1.4m owed for the one year outstanding on his contract as a lump sum it is likely he will be compensated in monthly instalments.

Dowie's managerial manifesto enjoys support from within the KC Stadium dressing room – even though the former Crystal Palace and Charlton manager's critics claim he "overtrains" his players.

Pearson, though, wants to be in a position to properly forecast Hull's financial position next season – and ensure that entering either a company voluntary agreement or administration can definitely be avoided – before hiring a new manager.