Avram Grant is the 6/4 favourite to replace Tony Adams as manager of Portsmouth.
Adams was sacked on Sunday night, following the 3-2 defeat against Liverpool.
A Portsmouth spokesman said: "The priority is for Portsmouth football club to remain in the top flight and we feel the appointment of a new manager will give us the best opportunity to enable us to do this."
Grant, 53, has been out of work since leaving Chelsea on May 24, just three days after the team lost the Champions League final against Manchester United on penalties. He also helped Chelsea finish runners-up in the League and Carling Cup.
Prior to his tenure at Stamford Bridge, Grant worked as Director of Football at Portsmouth, before moving to Chelsea where he initially worked in the same role prior to taking over from Jose Mourinho.
The Israeli leads the betting, ahead of former West Ham and Charlton boss Alan Curbishley is second favourite at 2-1. He was also shortlisted to return to Chelsea but pipped to the post by Russia boss Guus Hiddink.
