"We will have a new man before the week ends," Jayantha Dharmadasa, the interim head of Sri Lanka Cricket (SLC), told AFP in an interview on Monday.
Australians Greg Chappell and Tom Moody are short-listed by both countries to replace the outgoing coaches: John Wright from India and John Dyson from Sri Lanka.
The Board of Control for Cricket in India (BCCI) announced on Sunday it would finalise the new coach by June 15, but Sri Lanka appears to be faster off the blocks.
"We want our coach to take over as soon as possible to prepare for the Test series at home against the West Indies in mid-July," said Dharmadasa.
"We need a man who can take us to the World Cup in 2007."
Dharmadasa rubbished speculation that both Chappell and Moody, who are to be interviewed by the Indian cricket board at an unspecified date, may delay accepting the Sri Lankan job.
"I am not concerned about what the Indians are doing. We have been speaking to our candidates and will be able to decide this week itself," he said.
"Where is the problem? If we take one of them, India can take the other!" Dharmadasa joked.
Dharmadasa declined to name the favourite, but hinted that Moody, currently director of cricket at English county Worcestershire, could be their man.
"Both Chappell and Moody come highly qualified, but we have to see the economics also," he said referring to the percieved notion that Chappell may be too expensive.
In 2000, India rejected Chappell and opted for Wright because the former Australian captain demanded a high fee for his services.
Sri Lankan media reports have also zeroed in on Moody, saying some of the national players like seamer Chaminda Vaas, currently bowling for Worcestershire, were favourably inclined towards the West Australian.
Moody, 39, figured in only eight Tests for Australia, but played key roles in his team's World Cup triumphs in 1987 and 1999.
As Sri Lanka move towards a quick decision, the Indian board appears to be in no rush to finalize Wright's successor.
Four candidates - Chappell, Moody and two Indians, Mohinder Amarnath and Sandeep Patil - were short-listed on Sunday by a high-powered committee that included former Test captains Sunil Gavaskar, Ravi Shastri and Srinivas Venkatraghvan.
BCCI president Ranbir Singh Mahendra said other candidates may also be considered with former West Indian opener Desmond Haynes and Australian John Inverarity high on the probables' list.
Mahendra said the final choice may not be made before June 15 after all the candidates are interviewed and discussed by the BCCI's working committee.
India's next international assignment is in August when they travel to Sri Lanka for a triangular One-day tournament also featuring the West Indies.