WELSH football's top brass have secretly drawn-up a wish-list of managers they want to replace Mark Hughes if he is lured to the Premiership in the wake of Wales' Euro 2004 play-off heartache.

The Football Association of Wales are well aware that Hughes' ultimate desire is to manage one of Britain's elite clubs - and Hughes' relative success in his four years as Wales manager has raised the eyebrows of Premier League chairmen.

The dejected 40-year-old, whose current £250,000-a-year deal ends after the World Cup in 2006, was left pondering his future last night as Wales failed to qualify for next summer's European Championships in Portugal.

And the FA of Wales have privately scribbled together a three-man short list should Hughes - linked with the vacant managerial post at Tottenham Hotspur and the position as Sir Alex Ferguson's No 2 at Manchester United - leave Wales.

Current Wales skipper Gary Speed tops the list while Hughes' present Welsh coach Eddie Niedzwiecki and Fulham boss Chris Coleman complete the wanted trio.

The 34-year-old Speed, who won his 79th cap in the 1-0 defeat to Russia at The Millennium Stadium last night, is the favoured choice and seen as Hughes' natural successor.

His assistance, despite being injured, to Hughes in Wales' end-of-season friendly in the United States last May won him major brownie points with FAW councillors.

Speed is still a major part in the Newcastle United team so the FAW would ask him to take charge of Wales on a part-time basis while also playing for Sir Bobby Robson's men.

Hughes enjoyed a similar situation at the beginning of his Wales reign as he played at Blackburn Rovers before retiring from playing last summer.

Niedzwiecki is Hughes' much respected right-hand-man and also Arsenal's reserve team coach.

He is a better bet than Fulham chief Coleman, who is unlikely to take a dramatic pay-cut to manage his country.

The FAW, according to Hughes' contract, would only receive £250,000 compensation if Hughes was tempted into club management, a figure that is peanuts to multimillion pound Premiership clubs.

And David Collins, secretary-general of the FAW, revealed Wales' play-off nightmare would cost the association around £3 million.

Welsh fans fear financial resources to keep Hughes could be lacking, like the problems that led to Terry Yorath's dismissal after the failed World Cup 1994 campaign.

But Collins insisted: "We've made tremendous strides under Mark and hopefully he will continue to manage us and take us forward so we can have a good shot at the 2006 World Cup.

"Mark is contracted to us and I'm sure he will stay on."

But Hughes himself admitted: "We'll sit down and talk about the situation.

"Given the choice, I would like to stay on. I'm contracted to Wales into the next qualifying campaign, that is the plan.

"Circumstances like the fact we've not qualified, which I set out to do, will maybe mean people will have something to say about that. Financial implications will have an impact.

"My job is to try and get Wales to a major championships."

Wales superstar Ryan Giggs, meanwhile, pleaded with Hughes to stay on as Wales boss after last night's 1-0 Russian defeat.

"I hope Mark stays because he has done a great job," said the Manchester United ace.

"We've come on so much since 'Sparky' took over and we were so near to Euro 2004 last night.

"Mark has done a great job and I think he's the man to lead us into the World Cup qualifiers.

"Plenty of clubs will be looking at him because of the achievements he has masterminded in the last couple of years with Wales.

"What he has done for Welsh football has been miraculous compared to where football was in this country four years ago."