Following his QPR exit, Mark Warburton has been linked as a potential replacement for Bowyer after the Blues finished the current campaign down in 20th.
However, journalist Alan Nixon has reported via Patreon that in the wake of showdown talks with the current club hierarchy, the 45-year-old coach has kept his job.
It is said that Birmingham would have to pay him £750,000 in compensation were they to sack him but that the club bosses have no plans to do that despite sources indicating Bowyer felt he was set to be let go.
Things could change were the reported takeover at St Andrew’s to go through this summer, however.
Football Insider reported earlier this week that the Championship club’s prospective new owners had identified Warburton as a replacement for Bowyer while TEAMtalk indicated that Frank McParland, who worked alongside him at Rangers and Nottingham Forest, could join with him.
The former QPR boss has refused to be drawn on specific links to the Birmingham job, dismissing them as speculation, but has reiterated that he is keen to return to management.
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“There are a lot of very good people in football not working and looking to work, so I think you have to be very conscious of that fact. You have to wait for the right opportunity if doors open and hopefully, they do.
“If a door does open, is it the right one for you? You have to make sure you choose wisely. So we will see what happens in the coming few weeks.”
Rob Edwards is another name that has been linked with the Birmingham job but is no longer an option should Bowyer depart as he has left Forest Green Rovers to take charge at Watford ahead of their return to the Championship.