Sky sources understand that the former Reading manager is on the shortlist to take charge at the Championship club.
Other names in the frame include highly-regarded Brighton manager Gus Poyet (3/1) and Martin O'Neill (9/1), who has only just been fired by Sunderland.
Owen Coyle (9/1) and Mark Hughes (9/1) are also managers with Premier League experience who are currently out of work.
Less likely candidates to get betting quotes include former Leeds stalwarts Lucas Radebe and Tony Yeboah, who are both 100/1.
Steve Kean, hugely unpopular with the fans during his time in charge of Blackburn, which came to an end earlier this season, is also 100/1.