After losing out on the FA Cup it was announced that the Italian would be leaving the club with immediate effect and the Malaga boss looks likely to succeed him at the EtihadNext manager markets are often dominated by one or two names in the early going but few books are formed with such an overwhelming initial favourite as this one.
Roberto Mancini's Manchester City side failed to live up to last season's performance which saw them secure a first Premier League title and the 48-year-old has paid the price, although with the significant sums of compensation being discussed, you decide which party paid the price.
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With Malaga becoming the first high-profile side to fall foul of the new Uefa imposed Financial Fair Play regulations no-one would be surprised to see Pellegrini leave this summer alongside star assets like highly rated Spanish international Isco.
The 59-year-old Chilean managed Villarreal and Real Madrid before moving to La Rosaleda and although he is yet to secure a major European trophy, leading Villarreal to a Champions League semi-final in 2006 and amassing a record 96 points in La Liga with Real Madrid - albeit failing to beat Barcelona to the title - mean he has significant pedigree in managing at the highest level.
At just 1/4 (1.25) though, Pellegrini is hardly the most attractive money making opportunity of the summer, although only 7/2 (4.50) shot Jose Mourinho comes even close to him in the markets.
Candidates available at double figure odds to take over at the Etihad Stadium include Rafael Benitez (10/1), Carlo Ancelotti (14/1) and Jurgen Klopp (33/1).
However, if the markets are a trustworthy indication of who could be headed to Manchester this summer, just as they were with the appointment of David Moyes, then fans of the Premier League could get their opportunity to see Pellegrini potentially pit his wits against the likes of Jose Mourinho, Andre Villas-Boas, Arsene Wenger and the aforementioned Moyes as the top of the Premier League looks set for a major shake-up this summer.