Frank Lampard has instantly been installed as second favourite to replace Neil Lennon at Celtic.

Chelsea sacked the Englishman this morning as his side sat ninth in the Premier League table, 11 points adrift of league leaders Manchester United. Thomas Tuchel has now been touted as the next Blues boss but Lampard's next role could be to rebuild his reputation as a gaffer at Parkhead, according to the bookies. claim the former midfielder has been backed into a whopping 1/2 odds-on behind only Rafa Benitez as the Hoops consider their next move with Lennon insisting he won't walk away despite a 23 point gap with Rangers in front.

Ex-Bournemouth boss Eddie Howe - who had betting suspended on him earlier this month - has now moved out to 4/1 with John Kennedy and Roy Keane outsiders for the position should it become available.

A spokesperson for Grandnational said: "Following a huge influx of bets in the last 24 hours, the former England player has had his odds cut from 40/1 to as short as 1/2 as of today. In percentage terms, that’s the bookmakers offering an implied probability of 66.7% on Lampard being named the next Celtic Manager."

Full odds: 

Rafa Benitez - 1/4
Frank Lampard - 1/2 
Eddie Howe - 4/1
John Kennedy - 12/1
Jack Ross - 16/1
Roy Keane - 16/1
Leonardo Jardim - 20/1