TEHRAN – Iran coach Carlos Queiroz is among the candidates to replace Shin Tae-yong in South Korea national football team.

Hyundai scion Chung Mong-gyu has handed over $3.5 million of his own money to hire South Korea's new football coach, in an outlandish attempt to turn the team's fortunes around.

Chung, president of the Korea Football Association (KFA), donated the four billion won after South Korea failed to reach the knock-out rounds at the World Cup in Russia.

"He expressed hope that it would help pay the salary of a competent foreign coach," a KFA official told AFP on Friday.

"We have contacted candidates and talked about possible contract terms, but it will take a while to appoint a new coach," he added.

The 2002 semi-finalists lost to Sweden and Mexico to exit the World Cup at the group stage, despite stunning Germany in their final game.

Candidates to replace coach Shin Tae-yong, whose contract expired this week, reportedly include Iran's Carlos Queiroz, Juan Carlos Osorio, who led Mexico at the World Cup, and Zlatko Dalic, who took Croatia to the final.

South Korea's next major assignment at full international level is January's Asian Cup, where they were runners-up to Australia at the last edition in 2015.

Chung, 56, the son of Hyundai Group founder Chung Ju-yung, has an estimated personal fortune of more than $1 billion, according to Forbes.