Billy Davies is bookies’ favourite to be new Rangers manager

Billy Davies has been installed as the bookies’ favourite to replace Pedro Caixinha as Rangers manager.

Caixinha was sacked after just 229 days in charge after Rangers were knocked out of the Betfred Cup by Motherwell, and a last-gasp goal gave basement club Kilmarnock a 1-1 draw at Ibrox last night.

And now Davies, who began his playing career with the Light Blues and has had managerial spells with Motherwell, Preston North End, Derby County and Nottingham Forest is the 9/2 favourite with Ladbrokes to take the reins at Ibrox.

Alex McLeish is 5/1 for a second spell managing the Gers while Graeme Murty, who took charge of the club on an interim basis prior to the arrival of Caixinha, is at 6/1.

Aberdeen boss Derek McInnes and frozen-out striker Kenny Miller are both 8/1 to take the job.

A flurry of former players are also included in the odds, such as 12/1 shot Frank de Boer, former captain Barry Ferguson (16/1), Gennaro Gattuso and Ian Durrant (20/1) and Shota Arveladze (25/1).

Odds to be next manager of Rangers: 9/2 Billy Davies; 5/1 Alex McLeish; 6/1 Graeme Murty; 8/1 Derek McInnes; 8/1 Kenny Miller; 10/1 Tommy Wright; 10/1 Dougie Freedman; 10/1 Alan Irvine; 12/1 Frank de Boer; 14/1 Alan Pardew; 16/1 Barry Ferguson; 16/1 Ally McCoist; 20/1 Dick Advocaat; 20/1 Gennaro Gattuso; 20/1 Stuart McCall; 20/1 Ian Durrant; 25/1 Kevin Muscat; 25/1 Craig Moore; 25/1 Giovanni van Bronckhorst; 25/1 Shota Arveladze; 33/1 Gordon Strachan; 100/1 Paul Gascoigne.