Date: 30th May 2008 at 11:21am
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John Gregory could be in line for a sensational return to management, as newly relegated side Leicester City continue their search for a new manager.

The former QPR and Aston Villa boss was a first team coach at Leicester, and his odds have been dramatically shortened to take over at the Walkers Stadium.

Gregory was previously an outsider to the Fox`s job with many bookmakers having him at 16-1, he has now moved in to third favourite at 3-1, behind former Derby boss Billy Davies, and current Blackpool boss Simon Grayson.

The Ranger boss has been out of work since the defeat against West Bromwich Albion at the Hawthornes in late September, a defeat that ultimately cost him his job. His work preceding this was nothing short of miraculous, dragging a stagnate Rangers side away from the drop zone to finish respectively in the Championship.

Fox`s chairman Milan Mandaric has said that he hopes to have a short-list of four or five candidates to succeed Ian Holloway by the weekend.

The current odds at various bookmakers are as follows:

Mark Jarvis: 6-4 Billy Davies, 5-2 Simon Grayson, 3-1 John Gregory, 5-1 Paul Lambert, Paul Ince, 7-1 Steve Cotterill, 8-1 Gerry Taggart, Darren Ferguson, 12-1 Kevin Bond.

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