"April's Manager of the Month is STILL working without a contract - and will be a shock target for Sheffield United in the close season.
Adams won the award this week for ensuring the Sky Blues will be a Championship side next season by winning three of their final six games.
But he is refusing to put pen to paper unless he is given significant funds to spend this summer.
And that means chairman Mike McGinnity will be sweating if another club homes in on his boss - he won't receive a penny in compensation and will have another manageral hunt on his hands - his fourth in two years.
And the signs are not good, either - the 43-year-old Adams has already had one major bust-up with his chairman over his budget for next season.
Although he knew the position when he took over, it appears costs have been slashed to a bare minimume - and, until he is handed a more realistic cash booty, he won't sign.
Adams is worried it will end up a damp squib unless he gets some money to spend.
A source close to him said: "Micky and the chairman have had cross words over the money available.
"He is still working without a contract. He doesn't want to because he thinks a lot of the support he has received - but he can leave at a moment's notice.
"His reputation remains intact after the job he did in such a short space of time. But until he signs, it is a delicate situation."
Neil Warnock is under pressure at Sheffield United and, if the Blades part company with the Yorkshireman, they have a ready-made replacement in the West Midlands.
Adams is a huge United fan and would jump at the chance of managing his home-town club."