Betting: Coleman and Dyche favourites for the Leicester job but gamble emerges on Pellegrini

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The former Manchester City boss has seen his odds cut from 20/1 to 5/1 by bet365 as the Foxes continue their search for Craig Shakespeare's successor

Wales manager Chris Coleman continues to lead the market to replace Craig Shakespeare at Leicester City but Friday saw some punters backing another former Premier League boss to take over.

Manuel Pellegrini, who led Manchester City to the top-flight title in 2014 as well as two League Cup successes during his time at the Etihad, has been backed from 20/1 (21.0) to 5/1 (6.0) with bet365.

While next manager prices are notoriously volatile - this is the first major move in this particular market - with no immediate frontrunner emerging following Shakespeare's departure being confirmed on Tuesday evening by the Foxes.

Manuel Pellegrini Real Madrid Manchester City 04052016

Leicester's Thai owners may well be searching for a high-profile candidate to step into the role, especially after tasting success both on the field and financially because of the remarkable title winning campaign under Claudio Ranieri. With that in mind, Pellegrini could certainly fit the bill given what he has achieved in England's top flight.

Sean Dyche has also been linked with the role in recent days, with the current Burnley boss available at 10/3 (4.33) to take over with bet365 at the time of writing.

Having done an impressive job on a relatively low budget with the Clarets, Dyche was seemingly interested in moving on last summer and was considered for the vacancy at Crystal Palace but having seen his current side flourishing in the initial stages of the new campaign, would the 46-year-old jump ship at this point?

GFX STATS NEXT LEICESTER MANAGER

Alan Pardew and Sam Allardyce are both 14/1 (15.0) to be Leicester's next permanent manager while Michael Appleton, who has taken over first team affairs in the interim, is 16/1 (17.0) to follow in the footsteps of Shakespeare and prove he is worthy of a more permanent role in charge of the squad.

Nigel Pearson is listed at 18/1 (19.0) and although the former Foxes boss is back in the King Power fold in Belgium, it seems unlikely that he would return for a third spell in charge after the way his previous stint ended.

Several big names come next in the market with the likes of Carlo Ancelotti and Brendan Rodgers available to back at 20/1 (21.0) with bet365.

bet365’s Steve Freeth said “The majority of the early business since the departure of Shakespeare has centred on Coleman and Dyche, but the money for Pellegrini from Friday lunchtime onwards has been noticeable to say the least.”

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