Graham Alexander, who made 177 appearances across four years at Turf Moor, is being tipped to take over at League Two side Barrow.
The 49-year-old was harshly sacked by Salford City in October but the bookmakers believe he could soon be back in work.
At the time of writing, Alexander is the favourite for the Barrow job at 3/1, though David Flitcroft and Paul Hurst are a close second at 4/1.
Meanwhile, here are some of the latest transfer headlines doing the rounds in the Premier League:
Oostende forward Fashion Sakala has his heart set on a move to England in 2021 amid rumoured interest from Newcastle United and West Ham. (The Sun via HITC)
Former England goalkeeper Paul Robinson has urged Leeds United to re-sign Danny Rose in the January transfer window. (MOT Leeds)
Manchester United have cooled their interest in RB Leipzig’s Dayot Upamceno, despite his £38m release clause. (The Athletic)
Liverpool and Manchester United have contacted agent Mino Raiola over a possible move for Inter Milan defender Stefan de Vrij. (FC Inter via Daily Star)
Arsenal and Everton have joined the race for Stade de Reims striker Boulaye Dia, who has scored eight goals in Ligue 1 so far this season. (Le10Sport)
Sheffield United owner Prince Abdullah says he is ready to support Chris Wilder in the January transfer window. (Sheffield Star)
Glenn Murray’s loan spell at Watford could be cut short with Brighton & Hove Albion struggling for game time at the Championship club. (The Athletic)
Crystal Palace have entered contract talks with goalkeeper Vicente Guaita, whose current deal expires at the end of the season. (Evening Standard)