O'Neill 11/8 for Foxes return

Leicester were favourites to win the Championship at the beginning of the season, but a stuttering start to the campaign, compounded by a 3-0 home defeat by struggling Millwall on Saturday, was the last straw for the former England boss.

O'Neill led the Foxes to three League Cup finals, twice successfully, in his spell as Leicester manager from 1995 to 2000 and has already been backed into 11/8 (from 2/1) to return to the Midlands.

The former Aston Villa manager has been without a club since leaving Villa Park in August 2010 and heads the market from Billy Davies, who is 7/2 to get the Foxes job.

Former Fulham boss Mark Hughes is 9/1 to take control at the King Power Stadium, with renowned names Carlo Ancelotti, Rafa Benitez and Slaven Bilic all available at 14/1.

No surprise

Sky Bet's PR Director Dale Tempest said: "It's no surprise Martin O'Neill is the favourite as he is the stand-out candidate for the job.

"Leicester are a club with some investment behind them and they are going to push for the top flight.

"When this type of job comes up, the top managers will be pushing to take the job so they can get a promotion on their CV."

He added: "However, this job is surely O'Neill's if he wants it, but it depends on whether it is the sort of challenge he is looking for."