Bookies have shortened their price for Frank Lampard to become the new Rangers manager.

The former Chelsea boss is now the bookmaker’s outright favourite to take over the vacancy left by Michael Beale, with his overnight price of 2/1 cut to 7/4 on Wednesday morning.

AZ Alkmaar boss Pascal Jansen is the second favourite for the job at 11/4, with Australian Kevin Muscat third in the running at 3/1.

William Hill spokesperson, Lee Phelps, said: “Rangers have wasted no time in speaking to potential managerial candidates following Michael Beale’s dismissal last week, with Frank Lampard seemingly edging closer to taking over the helm at Ibrox.

“The former Chelsea boss became our outright favourite recently following reports of talks between him and the Glasgow club earlier in the week, and we’ve subsequently narrowed his overnight odds of 2/1 into 7/4 on Wednesday morning.

“Pascal Jansen (11/4) and Kevin Muscat (3/1) make up the rest of the top three, with Neil Warnock (16/1), Nathan Jones (18/1) and Graham Potter (18/1) some other notable candidates for the role.”

Next Permanent Rangers Manager odds

Frank Lampard 7/4

Pascal Jansen 11/4

Kevin Muscat 3/1

Derek McInnes 5/1

Steven Davis 6/1

Philippe Clement 8/1

Ryan Lowe 8/1

BAR 16/1