Paul Lambert has been installed as the odds-on favourite to become the new manager of Wolverhampton Wanderers.

On Monday, it was reported that Fosun International had decided on a three-man shortlist which included Lambert, Nigel Pearson and Tim Sherwood.

However, while it remains uncertain whether an appointment will be made before Saturday's game against Derby County, Lambert is now priced at 1/5 with some bookmakers having dislodged previous favourite Nigel Pearson.

It has been widely claimed that the former Leicester City and Derby County boss has held talks with the club's owners but it now appears that Lambert is now the preferred choice.

Last week, Wolves sacked Walter Zenga after just 17 games in charge after the Italian registered just four wins from 14 Championship fixtures.