The Real Madrid manager-to-be was fired by his country after taking the position at the Champions League holders, causing La Roja's price to drift
Spain have been pushed out to 13/2 (7.50) to win the World Cup after sensationally sacking Julen Lopetegui on the eve of the tournament.
Lopetegui was announced as Real Madrid manager on Tuesday afternoon by the club, prompting the Spanish Football Federation to relieve him of his duties just two days before their first game.
Fernando Hierro will take charge of La Roja, who were 6/1 (7.0) with bet365 on Wednesday morning but the news of Lopetegui’s sacking has seen their price drift with the online bookmaker.
Spain will get their World Cup campaign underway on Friday evening when they play European champions Portugal and have moved out to 11/10 (2.10) from 10/11 (1.91) to claim victory over their Iberian rivals.
Portugal have been cut from 15/4 (4.75) to 3/1 (4.0) to win that showdown, whilst a stalemate can be found at 11/5 (3.20) – slightly shorter than the 12/5 (3.40) on Tuesday night.
A favourable group draw means that Spain’s passage to the knockout stages could hardly be deemed to be in jeopardy and they are still heavy 8/15 (1.53) favourites to top Group B, ahead of Portugal at 2/1 (3.0).
The 2010 World Cup champions are 7/1 (8.0) to exit at the group stage, which looks unlikely considering they are also joined by rank outsiders Iran and Morocco.
Spain are still priced at 1/5 (1.20) to see off the Asian nation, whilst victory over Morocco can be found at 4/11 (1.36).
bet365 offer 3/1 (4.0) that Spain fall in the last 16 or 11/4 (3.75) that they get knocked out in the quarter-finals, whilst a semi-final elimination is 9/2 (5.50).