Freddie Ljungberg and Nuno Espirito Santo have been installed as joint favourites with bookmakers to take over permanently from sacked Unai Emery at Arsenal .
Emery was dismissed from his managerial post at the Gunners less than 12 hours after the 2-1 defeat at home to Eintracht Frankfurt.
Gunners fans held up 'Emery Out' banners as their side failed to record a win for the seventh match in succession.
A meeting was held on Friday between senior figures at Arsenal and decided to sack Emery, with Ljungberg replacing him on an initial interim basis.
The Swede is priced at 6/4 to get the gig full-time, having made the step up to the first team from the under-23 squad this season.
Wolves boss Santo is also 6/4 having led his team to a seventh-place finish in their first season back in the Premier League after promotion last year.
He refused to comment on rumours linking him with the Arsenal role on Thursday, stating: "I think you know me well enough and you know that I’m not going to answer about that.
“I will never mention an issue that’s not a reality. Mainly because the job has a manager in it. It would be disrespectful.”
Elsewhere in the list of candidates includes Man City assistant manager and former Gunners captain Mikel Arteta who is at 8/1.
Arteta was interviewed for the job previously, as did Massimiliano Allegri (20/1) but both were pipped to the post by Emery.
Axed Tottenham boss Mauricio Pochettino is next at 10/1, although a move to Spurs' north London rivals seems unlikely, while Bournemouth's Eddie Howe is also in contention (10/1).
Legendary Arsenal captain Patrick Vieira - currently boss of French side Nice - is at odds of 25/1, along with ex-Liverpool star Steven Gerrard, Lille boss Christophe Galthier, and Rafael Benitez.
Napoli manager Carlo Ancelotti - formerly of Chelsea - is a rank outsider at 40/1.
Odds on next Arsenal manager
- Freddie Ljungberg - 6/4
- Nuno Espirito Santo - 6/4
- Mikel Arteta - 8/1
- Mauricio Pochettino - 10/1
- Eddie Howe - 10/1
- Massimiliano Allegri - 20/1
- Patrick Vieira - 25/1
- Christophe Galthier - 25/1
- Steven Gerrard - 25/1
- Rafa Benitez - 25/1
- Carlo Ancelotti - 40/1
*Odds supplied by Betfair
