Former Newcastle United boss Rafa Benitez is among the early frontrunners with the bookies to become the next Celtic manager.
Celtic have confirmed the departure of manager Neil Lennon, who has resigned from the post with immediate effect.
Lennon won two Scottish Premiership titles, two Scottish Cups and one League Cup in his second spell in charge of the club.
However, Celtic are set to fail in their bid to win 10 consecutive league titles as they are currently 18 points adrift of Glasgow rivals Rangers.
Lennon's assistant, John Kennedy, will take over as interim boss and is favourite to land the job for the remainder of this season.
Eddie Howe, former Newcastle coach and caretaker manager Steve Clarke and Roberto Martinez are also tipped to be in contention, along with Benitez, Frank Lampard and Roy Keane.
Former Newcastle winger Damien Duff - who has previously coached at Celtic - is also listed as a possible long shot for the job.
Benitez has been out of work since leaving Chinese Super League side Dalian Professional by mutual consent in January.
Betfair Spokesperson Sam Rosbottom said on Wednesday morning: “Following the departure of Neil Lennon we have seen a flurry of bets on former Celtic defender, John Kennedy to take over as permanent manager.
"Just hours ago he was a 13/5 chance, but we have since slashed his odds to 7/4.
"Prior to that, Rafa Benitez and Steve Clarke were the joint favourites at 11/10, but the punters are backing the caretaker boss to get the job full time.”
On his Celtic departure, Lennon said: “We have experienced a difficult season due to so many factors and, of course, it is very frustrating and disappointing that we have not been able to hit the same heights as we did previously.
“I have worked as hard as ever to try and turn things around, but unfortunately we have not managed to get the kind of run going that we have needed.
"I have always given my best to the Club and have been proud to deliver silverware to the Celtic supporters. The Club will always be part of me. I will always be a Celtic supporter myself and I will always want the best for Celtic.
“I would like to thank so many people at the Club who have given me so much and I would also like to thank my family for their love and support. I wish the Celtic supporters, players, staff and directors nothing but success for the future."
Celtic chief executive Peter Lawwell added: “I would like to pay tribute to Neil for all he has done for the Club in his second spell, delivering our eighth and ninth successive league titles, the Quadruple Treble and winning the last five available domestic trophies.
“Neil has always been and will always be a true Celtic man and someone I will always hold in the highest regard.
“I have watched Neil fight many battles over many years, on and off the field, with a courage and tenacity few could match. Even this season, he has fought so hard and worked tirelessly to turn things around.
“While this season has not progressed as we would have liked, it cannot diminish the character or integrity of a man who has given the Club so much.
“Personally, it is a sad day for me to see Neil leave the Club. Neil is a man of quality and decency, he is someone who will always be part of the fabric of Celtic and someone who will always be welcomed at Celtic Park.
“On behalf of everyone at the club, and personally, I would like to thank Neil for his work as our manager and I wish him and his family good health and continued success in everything they do.”
Celtic’s principal shareholder Dermot Desmond added: “Neil is a Celtic legend both as a player and manager. He has given so much to the Club, and with his success over the last number of years – including winning a Treble in his own right – he will be very difficult to replace.
“We thank Neil sincerely for all he has done for the club and we wish him every success going forward.”
