Megson, a popular player in his time at Hillsborough in the eighties, was sacked from Nottingham Forest last season after taking them down from the championship.
But most famously, he will be remembered for taking West Brom into the Premiership the season after keeping them in the old league one.
One criticism with Megson is that his teams do not exactly play free-flowing football - one of the main specifications which chairman Dave Allen is looking for.
Laws meanwhile, has done a terrific job at Glanford Park and his young team are sitting pretty in fourth place in league one.
The Iron are playing excellent football at the moment and punching above their weight, but whether he has the credentials to be Wednesday boss is another thing altogether.
Former England and Aston Villa boss Graham Taylor has said that he has had no official interest from the club while Alan Curbishley, who most believe is the best suited for the job, is still hoping for a job to become available in the Premiership.
Meanwhile, Wednesday's physio John Dickens is set to leave the club to start a new career at Doncaster.