Newcastle United are hunting a replacement for Rafael Benitez after his departure was announced on Monday

Owner Mike Ashley had offered the Spaniard a one-year deal to remain as boss but Benitez opted not to sign the contract, seemingly due to concerns over a lack of investment and ambition, and Newcastle are now on the hunt for a new manager.

The current favourite is former Chelsea, Real Madrid and Manchester United boss Jose Mourinho at 4/1, which would be a huge statement of intent from the club.

However, sources close to Mourinho appear to have ruled out that prospect and, in all likelihood, it would only be a plausible deal if the takeover from the super-rich Bin Zayed Group goes through.

Next in the betting are Manchester City assistant Mikel Arteta, and Sean Dyche – who are both rated at 6/1.

Arteta’s reputation as a coach is burgeoning after being part of two successive league titles working under Pep Guardiola and may be ready to make a foray into management himself.

Dyche obviously comes from a differing school of thought and footballing style, but has undoubtedly been incredibly successful at Burnley despite limited resources.

Reports have also suggested that a number of individuals have unsurprisingly shown interest in becoming the next Newcastle boss.

Giovani van Bronckhorst, the former Dutch left-back is one of them at 12/1 – a man who left Feyenoord recently, having guided them to their first Eredivisie tile for 18 years in the 2016/17 season.

Avram Grant is also available at 10/1 having being strongly linked on Monday, but he’s seen as something of a longshot.

Odds subject to change.