Pearson led the Foxes to safety, pulling off a great escape having been bottom of the table for most of the season before a stunning run of form late into the campaign.
Now though, Pearson finds himself out of a job, and Leicester must act quickly to find a new manager with the summer transfer window underway.
Not far behind Allardyce is former Leicester midfielder Neil Lennon, who is currently managing in the Championship with Bolton Wanderers after a hugely successful spell in charge of Celtic.
Burnley boss Sean Dyche is the third favourite at 8/1, and then we see another former Celtic manager and Leicester hero in fourth, as Ireland boss Martin O'Neill is a 9/1 shot.
Other names in the running with Sky Bet are Roberto Di Matteo, Paul Lambert, Harry Redknapp, Gus Poyet and former Leicester defender Simon Grayson, who is managing Preston North End.