Could the former Leicester City boss succeed Carlos Carvalhal at Sheffield Wednesday?
Ranieri, who has led unfancied Nantes to fifth in Ligue 1 this season, famously won the Premier League title with Leicester 18 months ago.
The Italian coach was previously low on Sky Bet's list of potential Owls appointments, but has been backed into 4/1 since Saturday - behind Steve McClaren (5/6) and above Gus Poyet (6/1).
Sheffield Wednesday are currently 16th in the Championship, having finished in the play-offs in each of the previous two campaigns under Carvalhal.
Their defeat at Brentford yesterday has seen the odds of caretaker Lee Bullen drift from 6/1 to 14/1, while those of Bees boss Dean Smith - a former Wednesday captain - have shortened slightly from 25/1 to 20/1.
Ranieri, who has also managed Chelsea, Juventus and Inter Milan, was sacked by Leicester earlier this year with the Foxes facing relegation.
Another ex-Chelsea boss Andre Villas-Boas is only 16/1 to take charge at Hillsborough, despite being linked by the Sun overnight.