Celtic manager latest: Paul Lambert odds tumble after Ipswich Town departure
The 51-year-old Scot, who took charge of the Tractor Boys in October 2018, leaves the club in eighth place in the Sky Bet League One table, two points off the play-off places.
Lambert was 33/1 for the Celtic job with most bookmakers last week but his odds have dropped to as low as 6/1 on some sites after his departure from Portman Road was confirmed.
The former Scotland international lifted eight trophies in his time at Celtic Park, including four league titles and two Scottish Cups in over 270 appearances.
He also captained Martin O’Neill’s side in the Uefa Cup final defeat to Jose Mourinho’s Porto in Seville in 2003.
However, he appeared to rule himself out of the race to become his former club's next manager when he told Sky Sports: "I played for eight years, but I left the Glasgow scene a long time ago.
"That's not my life anymore. I don't want to tarnish the good feelings I have with the Celtic fans. We won a hell of a lot, stopping Rangers winning ten in a row in 1998. That was an incredible achievement.
"Maybe I'll go back as a fan, that's all I can say.”
Ipswich owner Marcus Evans said the parting of ways came after the two parties had "significant differences of opinion" over the club's direction.
"I have enjoyed a healthy working relationship with Paul in our time together and he has brought a lot of positive aspects to the club,” Evans told itfc.co.uk.
"I know he has his thoughts on what is needed to take Ipswich forward and I respect his opinions but this year has - with the pandemic and no real income for the club - been the biggest financial challenge we have faced in my time as owner.
"It has, however, become clear after holding discussions over the last few days that there are significant differences of opinion as to the order of immediate priorities and we agreed it was best for us to part company. I would like to wish both Paul and Stuart the best in the future."