The former Newcastle United boss is among the names linked to the vacancy following Neil Lennon’s resignation on Wednesday morning.
It’s not the first time the Spaniard has been touted with succeeding Lennon at Parkhead after leaving Chinese Super League side Dalian Pro in January.
Simon Jordan, who doesn’t hide the fact he isn’t the 60-year-old’s biggest fan, believes his salary will price the Celtic hierarchy out of a move.
He told talkSPORT: “Every single appointment is very important for Celtic in the nature of their rivalry with Rangers and the re-emergence of Rangers, it has now become even more prevalent.
"The situation with Neil Lennon, it wasn’t if, it was when. So, we are talking about something that has just been brought forward.
"When you saw Lennon’s body language and you saw his position after Ross County, it was time, probably.
"It’s about what they do next and it’ll be very interesting because one of the things I think might preclude them from really big names is budget.
"I can’t see (Rafa) Benitez going there because Benitez likes a big bag of money.”
Also among the early frontrunners with the bookmakers are former Newcastle coach Steve Clarke, Eddie Howe, Frank Lampard and Roberto Martinez.
Lennon’s assistant John Kennedy has been placed in interim charge and is favourite to land the role until the end of the season.
Lennon won two Scottish Premiership titles, two Scottish Cups and one League Cup during his second spell in charge of the club.