I could see O'Neill potentially doing what Nigel Worthington did when Rob Kelly got the push, coincidentally at more or less the same stage of the season.
His stock has been damaged by his time at Sunderland and if he could turn around City's form, even just to get a decent enough performance to put us in the playoffs and do reasonably well there, he'd be back in the shop window.
If of course we were to be promoted via the playoffs, he'd be a Premiership manager again at a club where he is universally adored. At this stage in his career, he could do a lot worse.
Pearson's time is up, but it's vital the Thais make the right choice in replacing him. Managers like Roy Keane and Michael Appleton are available for a reason.