STEVEN GERRARD's odds to become the next permanent manager of Newcastle United have been slashed.

The Rangers gaffer has been tipped as one of the frontrunners to replace Steve Bruce should he be bagged by the Magpies' new mega-rich owners.

The Saudi Arabian Public Investment Fund, headed by multi-billionaire Mohammed Bin Salman, have finally completed a £300million takeover deal.

It spells the end to Mike Ashley's time in charge of the north-east club.

And it appears there is an exciting new era on the horizon for the Geordie faithful, despite the controversies involved in the deal with the Saudis.

Now officially in the boardroom and in charge of the purse strings at the club, it's said Newcastle could be set to move on from manager Bruce.

The team are currently struggling for results this term - sitting second bottom - and escaped relegation by the skin of their teeth last season.

And after Rangers' 55th title success, Gerrard has been selected among the bookies' favourites for the potential gig.

He was a rank outsider at 20-1. He is now priced at fours.

He capped a three-year rebuild at Ibrox with a record breaking title winning season for the club last term.

Ex-Bournemouth boss Eddie Howe, who snubbed the Celtic job in May, is the favourite among various bookmakers as it stands.

Betfair spokesperson Sam Rosbottom said: “Steven Gerrard has been backed to 4/1 from 20/1 to replace Steve Bruce, who is now the 3/10 favourite to be the next Premier League manager to leave their post amid Newcastle United 's impending takeover.”

Out-of-work Antonio Conte also has a short price of 5/1, while Rafa Benitez has been touted for a sensational return at 10/1.

Former Celts gaffer Brendan Rodgers is an outsdie shout at 20/1.

Newcastle next manager odds

Eddie Howe: 21/10

Steven Gerrard: 4/1

Antonio Conte: 5/1

Chris Wilder: 11/2

Graeme Jones: 11/2

Rafa Benitez: 10/1

Roberto Martinez: 10/1

Frank Lampard: 10/1

Unai Emery: 16/1

Jose Mourinho: 17/1

Alan Shearer: 17/1

Brendan Rodgers: 20/1