Soundly beaten 3-0 by Belgium in their first ever World Cup match, Hernan Dario Gomez's underdogs are available at 14/1 (15.00) to pull off a memorable upset by coming out on top, or 5/1 (6.00) to secure a famous draw.
Dele Alli is expected to be replaced by Ruben Loftus-Cheek in midfield after picking up a thigh strain against Tunisia, while Marcus Rashford is pushing for a start ahead of Raheem Sterling.
Roman Torres lasted the full 90 minutes against the Belgians despite a slight injury, and should be fit once again to captain an unchanged line-up.
England fast starters
Although they ultimately made rather hard work of the victory, Gareth Southgate's men did enough in their opener to provide plenty of reasons for optimism.
Most encouraging was their energetic start to the match, which saw them create a number of good chances even before Harry Kane's 11th-minute goal.
This is clearly something Southgate has worked on, with his side having taken the lead within half an hour in each of their last four fixtures - and within 15 minutes in their most recent three.
With this in mind, odds of 3/4 (1.75) seem generous on England taking the lead before half-time and going on to victory against a modest Panama team.