Cannavaro, the former Italy defender who won the 2006 World Cup as captain, left his managerial role with Al-Nassr in Saudi Arabia last month.
Evans signed a rolling contract to replace Uwe Rosler in October but owner Cellino is unhappy with Leeds’ progress as the team sit 13th in the Championship.
They were humiliated at home on Saturday, losing 4-1 to Yorkshire rivals Huddersfield Town and Sportsmail has been told that Evans will become Cellino’s sixth managerial scalp in the summer.
Cellino is less interested in selling up and would rather invest, with Cannavaro a favourite of his.
An insider said: ‘Massimo would never open his wallet for Evans.’
Cannavaro also wants to replace Antonio Conte as Italy coach but is not being considered by the Italian federation.
Original source: Leeds line up Fabio Cannavaro