Leicester City: Guus Hiddink favourite to take over from Nigel Pearson
The 68-year-old Dutchman, who is believed to be the subject of an approach by City, is now odds-on with several of the major bookmakers to succeed Nigel Pearson at the helm at the King Power Stadium.
The Mercury reported yon Friday that City had made a move for their first choice, but it was not the expected target, Bolton boss Neil Lennon.
Instead, Hiddink emerged as the front-runner and bookmakers said there was a rush of money placed on the former Real Madrid and Chelsea boss inside 30 minutes, forcing them to cut his odds from 20-1.
Meanwhile the club are understood to have still to agree a settlement figure with Pearson, with reports he is considering taking legal action over his dismissal.
Pearson, who was sacked on Tuesday after the club said 'fundamental differences in perspective' exist between the two saved them from what looked like ceratin relegation back in March.
The reason for the sacking is believed to be Pearson's defence of his son, James, following the scandal over the three development squad players who filmed themselves in an orgy with Thai girls while on a goodwill tour of the club's owners' homeland.
In the leaked video, one of them appeared to use racist language and the controversy sparked outrage within the Thai media, who called for all three to be sacked immediately.