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The odds on former Manchester City boss Manuel Pellegrini taking over as manager at the King Power Stadium have dramatically shortened today.

The 64-year-old Chilean has come down from 20/1 to around 6/1 third favourite to be Leicester City’s next manager.

Burnley boss Sean Dyche and Wales manager Chris Coleman are both joint favourites at 7/2 to take over from Craig Shakespeare, who was sacked on Tueday.

Pellegrini is even the 3/1 favourite with one bookmaker who have seen big bets placed on the former Malaga, Real Madrid, Villareal and River Plate boss.

Bet365’s spokesman Steve Freeth said: “The majority of the early business since the departure of Shakespeare has centred on Coleman and Dyche, but the money for Pellegrini from Friday lunchtime onwards has been noticeable to say the least.”

Pellegrini is presently managing Chinese side Hebei China Fortune, but is known to English fans for guiding Manchester City to the 2013/14 title and to two League Cup triumphs before being replaced by Pep Guardiola last year.

The odds on former Southampton boss Claude Puel, the Frenchmen who was sacked after guiding the club to eighth in the Premier League and a League Cup final, also dropped to 10/1 after one report linking him with talks over the Leicester City job.

Odds on Sam Allardyce, Carlo Ancelotti, Michael Appleton, Nigel Pearson and Roberto Mancini have all been dropping over the past 24 hours.