The Bosnian was out at 50/1 (51.0) on Monday evening but a spate of bets on Jurgen Klopp’s right-hand man - who is on a leave of absence from the club - have seen him be made favourite to land the vacant position.
Allegri still has two years on his contract at the Serie A champions and recently commented that he had decided his future “a year ago,” although it remains to be seen whether he changes his mind if the Premier League comes calling.
Carlo Ancelotti is 8/1 (9.0) to return to London after managing Chelsea from 2009-11 and the Italian recently turned down the chance to coach the Azzurri, sparking speculation that he is open to taking the Arsenal job.
Ex-Barcelona boss Luis Enrique is also in the frame at 10/1 (11.0) with bet365 after taking a sabbatical year away from football, however the Gunners are unlikely to be in the Champions League next season and that may prove a deal breaker for Enrique.
Brendan Rodgers, who guided Celtic to a seventh successive Scottish Premiership title on the weekend, is 12/1 (13.0) whilst Bournemouth manager Eddie Howe – long touted to be the successor to Arsene Wenger – can be found at 18/1 (19.0).
Odds correct at the time of writing. Please gamble responsibly.