Julian Rhodes expects Hull to cough up for Dean Windass within the next 48 hours - or the striker will be back at Valley Parade.
City are holding out for an incentivised deal that could eventually be worth up to £250,000 for the 38-year-old.
Rhodes held further talks with Hull chairman Adam Pearson yesterday and anticipates a speedy conclusion to the saga.
"It's something that will get resolved in the next day or two or Dean is coming back," said the City chairman.
Rhodes has also cleared the air with Windass after a radio interview in which the veteran hitman claimed he would refuse to play in League Two if a move did not materialise and accused City of "moving the goal-posts."
"Sometimes Dean gets a bit emotional about things and he might have been caught at a bad moment," added Rhodes. "But he has told me that if he does come back, he will come back with all guns blazing.
"We had a long chat yesterday and Dean said that ideally he wants to go Hull but if he has to come back to Bradford he will and there won't be a problem.
"The whole Stuart McCall scenario might have made him feel slightly different about being here and I certainly wouldn't rule it out."
Windass scored eight goals during his loan spell with the Tigers to keep his hometown club in the Championship and boss Phil Brown has made it a priority to clinch a permanent deal. But he also stated that Hull will not be held to ransom.
Rhodes initiated the original loan as a short-term money-raising exercise and, should Hull agree to sign Windass, the combined price tag will not be far short of the £500,000 City turned down for him from Wigan.
Rhodes added: "I've been honest about what Hull will need to pay and I've explained to them how we would achieve that figure. Let's not forget that we would need the funds to find a replacement capable of scoring the goals we would expect from Dean.
"But whatever happens I'm relaxed either way."
Hull have appointed former manager Brian Horton as Brown's number two. Ironically it was Horton who released Windass as a youngster during his first spell with the club.
Meanwhile, Spencer Weir-Daley remains firmly on City's radar despite being offered a new contract at Nottingham Forest.
Rhodes said: "He is someone that Stuart is going to be talking to when he is in situ."
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