Paddy Power, said: “Hughes is the favourite for a quick return to the Premier League but is it a job that is going to attract him after the millions he had at his disposal at Man City? It may be that the likes of Alan Curbishley and Gary Speed are picked up by punters as more fitting of the Bolton mould.
“One thing is for sure, this market is going to see some ups and downs over the next few days as managers rule themselves in or out.
Ladbrokes make Hughes as high as 8/1 in their opening show behind Ferguson and ex Middlesbrough boss Gareth Southgate (7/1).
Ladbrokes spokesman, Nick Weinberg, said: “Ferguson is one of the game’s bright young managers. His growing reputation may be enough for the Bolton board to take a chance on him.”
Other out of work managers seen as possible contenders by the Magic Sign include Paul Jewell and Gary McAllister both at 12/1, Alan Curbishley at 8/1 and Steve Coppell at 14s.
Former Bolton players Gary Speed and Peter Reid are 28/1 and 40/1 at Paddy Power.
Meanwhile, bet365 are betting on which division Gary Megson will manage in next and the firm rate the Championship as their 8/11 favourite.
bet365 spokesman Steve Freeth “Megson seemed to be fighting an uphill battle at Bolton since day one.
“However, he’s sure to want another crack at management and we fancy a return to the Championship, particularly with Sheffield Wednesday looking for a permanent boss at the moment.”
In Which Division Will Gary Megson Manage Next?
Premier League: 10/3
League One: 7/2
League Two: 16