Wigan boss Bruce is the main man in the frame after Ricky Sbragia stepped down last Sunday and could named as the new Sunderland boss with Black as his assistant by tonight.
Speaking to the BBC, Wigan Chairman Dave Whelan said: "Sunderland chairman Niall Quinn told me that he understands he can't mess about and by Sunday evening we'll have a decision. "I've asked for £3m in compensation, but I don't want to lose Steve.
"Talks are in progression and I've asked for a compensation fee because I think it's only fair that they buy out his contract. "I paid Birmingham £3m so I'm asking for the same amount back.
"There's a lot of managers who you can get for free and it depends whether they feel they want to pay £3m.
"But if they want a real quality manager, Steve is up there among the best.
"I said to Steve and Niall, 'please do a deal quickly if you're going to do one because Wigan will have no manager and I can't let that go on for too long'.
"Niall is a straight and honest guy and immediately they come to a decision they will tell me and hopefully they're going to do it on Sunday."
Black was sacked in 2004 by then City Chairman Mike McGinnity and has been assistant to Steve Bruce ever since.Former Inter Milan manager Roberto Mancini has also been linked with the job and told Sky Italia: "I am honoured to have had an offer from Sunderland Football Club. It is a fantastic opportunity. "It will be truly wonderful to lead such a prestigious and historic club in England after a year of sitting on the sidelines. "I feel I am ready to start again with immense enthusiasm."
Meanwhile, former City youngster Roy O'Donovan has been linked with a move to Hartlepool United. The Irishman joined Sunderland for £500,000 after being spotted by Roy Keane playing for Cork City but has only made 17 appearances for the Makems and has been loaned out to Blackpool.