Claudio Ranieri was backed for the Leicester job at very short odds

Sky Bet have suspended their next Leicester City manager market after Claudio Ranieri was heavily backed to take the job on Saturday.

The 63-year-old Italian had earlier replaced Martin O'Neill at the head of the online bookmaker's odds for the top job at the King Power Stadium.

Betting was later suspended on Saturday evening after Ranieri was supported for the Foxes role by punters at odds as short as 1/3.

Sky sources understand that Leicester want to hold talks with Republic of Ireland boss O'Neill over the vacant role, but it is Ranieri who has been attracting the money with the bookmakers.

Ranieri has been out of work after leaving his role as Greece boss at the end of 2014 and he previously worked in England as Chelsea manager between 2000 and 2004.

Leicester have been looking for a new manager after sacking Nigel Pearson, who kept the club in the Premier League, at the end of last month.

Sky Bet's Simon Thompson said: "After starting the day at 12/1, we have seen a steady stream of money today for Claudio Ranieri to take over the hotseat vacated by Nigel Pearson at Leicester, culminating in several extremely large bets at short prices this evening."