The Italian’s decision to quit comes just hours after Redknapp was found innocent on all charges relating to tax evasion at Southwark Court. All odds provided through Bet365.
The current Spurs boss is now as short as 1/4 (1.25) to take charge of the national squad.
The immediate nature of Capello's departure has meant second favourite and Real Madrid manager Jose Mourinho is out to 16/1 (17.00) with current England under-21 manager Stuart Pearce's odds slashed to 11/2 (6.50)
Given the former Nottingham Forest manager's history under Capello some punters could view him as the ideal candidate to replace him, knowing the squad better than other managers who have no experience at international level.
Although the current Spurs boss may seem like a natural replacement for Capello, the timing of the 64-year-old's departure may mean that Redknapp decides to remain with his club until the end of the season, opening the door of opportunity to other, more immediately available replacements.
Alan Pardew is now available at 16/1 (17.00) but, as with Redknapp, the former West Ham manager is tied down at a Premier League club after signing a mammoth five-and-half-year deal at Newcastle United back in the autumn of 2010.
Some long shots to take over the England hot seat include Rafa Benetiz available at 20/1, Gareth Southgate and Guus Hiddink at 25/1.
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Jim Knight is Betting Editor at Goal.com and has been tipping football games since he was old enough to place a bet. He is a Leicester City fan, writer and member of the We Are Going Up Podcast
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