Fabio Capello sensationally quit as England manager on Wednesday evening and the bookies unsurprisingly make Harry Redknapp their odds-on favourite to replace him - but Coral have already stopped taking bets on the Tottenham boss.
Capello resigned following a meeting with FA chairman David Bernstein and general secretary Alex Horne at Wembley Stadium, where they discussed the decision to remove the England captaincy from John Terry and the manager's response through an Italian broadcast interview.
An FA statement read: "The Football Association can confirm that Fabio Capello has today resigned as England manager.
"This follows a meeting involving FA chairman David Bernstein, FA general secretary Alex Horne and Fabio Capello at Wembley Stadium.
"The discussions focused on the FA board's decision to remove the England team captaincy from John Terry, and Fabio Capello's response through an Italian broadcast interview.
"In a meeting for over an hour, Fabio's resignation was accepted and he will leave the post of England manager with immediate effect."
Bernstein and the Club England management team will hold a media conference at Wembley at 12 noon on Thursday.
The search for a successor to lead the team into the Euro 2012 begins and Redknapp, who was cleared of tax evasion on Wednesday, is the overwhelming favourite at a best of 4/9 with Paddy Power, bet365, Boylesports and William Hill.
The rest of the market settled down a little late on Wednesday night, with Stuart Pearce seemingly Redknapp's main rival for the job.
The England Under-21 manager is as short as 4/1 at Stan James and Ladbrokes while William Hill offer a top price of 9/1.
Guus Hiddink, who is reportedly interested in the job, is next in the running with most firms and his odds vary from 7/1 with Sky Bet and Paddy Power to 11/1 at Hills.
Real Madrid manager Jose Mourinho is as short as 8/1 at Ladbrokes but out at 14/1 with Sky Bet while Roy Hodgson seems a possible candidate at a best of 14/1 with Betfred and Paddy Power.
Alan Pardew (20/1 sportingbet), Martin O'Neill (25/1 General), Arsene Wenger (33/1 sportingbet) and Rafael Benitez (33/1 Betfred) seem to be the only other realistic names in the frame.
William Hill spokesman Graham Sharpe said: "We'll find out for sure now whether Harry wants the job - but if he can't take it at this stage and a caretaker boss leads England into the Euros Harry may have lost his chance."
Sky Bet go 2/7 on Redknapp and their PR Director Dale Tempest said: "Once the 'not guilty' verdict came in everyone wanted to back Harry Redknapp for the England post. We saw a lot of money for him and he went from 5/2 to 1/2 very quickly.
"Now Capello has resigned it leaves the door open for Redknapp to get the job he has always coveted and he seems to be the man England fans want as manager."
Coral have stopped taking bets on Redknapp, with their spokesman Simon Clare saying: "We have taken fortunes all day on Redknapp becoming the next England boss after his success in the courts but the Capello news sent the betting on him into the stratosphere.
"The moment we heard that Capello had resigned we pulled the plug on the next England Manager betting. Given everything that's happened today even calculating bookies like us can see Redknapp is destined to be the next England boss."
Earlier on Wednesday, Coral had offered Redknapp at 10/1 to manage England at Euro 2012 while Capello was as short as 1/10 with sportingbet to still be in charge by the end of the day, ahead of his meeting with the FA. The same firm went a best of 5/1 that the Italian would not be in his position come the start of the finals.
William Hill now make England 8/1 fourth favourites to win Euro 2012.
With Redknapp hot favourite to replace the Italian, punters feel the Spurs boss could give the national team an immediate boost - although Spain (9/4 favourites), Germany 3/1 and Holland 7/1 remain ahead in the tournament betting.
Sharpe added: "We have already seen Fabio's resignation sparking a sudden outpouring of patriotic support for England to win the Euro tournament - fans appeared to have become rather disillusioned by the Italian's lacklustre efforts in the job - we'd taken very little for them to win Euro 12 despite recently beating Spain, but all of a sudden cash is pouring in again."
Meanwhile John Terry has been lengthened to 4/7 from 2/5 with William Hill to be in the Euro 2012 squad.
Terry, who was backed by Capello following the FA's decision to strip the defender of the England captaincy, is 5/4 not to be involved.
Hills make Steven Gerrard 4/6 favourite to skipper England in their opening Euro 2012 game and also offer 4/1 Scott Parker; 6/1 Joe Hart; 8/1 Gareth Barry; 12/1 Lampard; Ferdinand; Cole.
Bodog are reporting that several punters have latched onto the likelihood that Spurs midfielder Parker will skipper the Three Lions if Redknapp were to become manager and he's now 2/1 to lead the team at the summer tournament.
"We were top price on Parker at 4/1 it has taken a spanking this evening. If Harry is the boss for the Euros Parker's got a big shout for the captain's armband," said Nick Gray of Bodog.
So with Redknapp now seemingly heading to the England job - at least according to the bookies' prices - it's worth looking at the next Spurs manager market.
Real Madrid Jose Mourinho is the favourite on best price - he's 4/1 with BetVictor - while David Moyes is close behind at 7/1 with the same firm.
Capello is 8/1 with BetVictor to go to White Hart Lane.
