Despite having a year left on his current contract at Arsenal, Arsene Wenger has decided to call time on his career with the Gunners.
The 68-year-old confirmed that “After careful consideration and following discussions with the club, I feel it is the right time for me to step down at the end of the season."
Carlo Ancelotti is 5/1 (6.0) favourite to take over at the Emirates according to Paddy Power, although the early prices in such markets can be extremely volatile, especially considering the unexpected statement caught many by surprise.
Ancelotti spent two years in charge of Chelsea - who could also be on the hunt for a new manager this summer - but the bookmakers believe the Italian is the current frontrunner to replace Wenger in North London.
That said, the 5/1 (6.0) quote suggests the layers have yet to identify a genuine favourite in what is likely to be an extremely changeable betting heat as the end of the campaign approaches.
Former Gunners player Patrick Vieira has been a market mover since the news was announced and is now priced at 11/2 (7.50) to leave his current role in charge of New York City FC and return to the Arsenal fold Wenger's replacement.
When asked about the potential of Vieira succeding him recently the Arsenal boss said "He works in the moment in New York and he works for Man City. He's a guy who has the potential one day, yes."
At 7/1 (8.0) is Thomas Tuchel, who has regularly been linked with the job after leaving Borussia Dortmund last season. The 44-year-old could well be a man in demand this summer though, with several top European clubs - including PSG and Bayern Munich - set to change coaches in the coming months.
A spate of 12/1 (13.0) chances include Brendan Rodgers, Sean Dyche and Thierry Henry - another former Arsenal player who referred to the chance to manage the club being his "dream job" earlier this year.