Former Burnley, Fulham & Wolves man favourite to land League Two managerial job
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The 59-year-old guided Bradford to the play-offs last season but he only won three out of his 11 games this season.
Since taking over as interim player-manager, McDonald has won back-to-back games.
The midfielder, who made over 50 appearances for Burnley between 2008 and 2011, guided Bradford to a 1-0 win against Swindon Town on Saturday.
He followed that up with a 2-1 victory away to Grimsby Town in the group stages of the EFL Trophy.
Former Wigan Athletic manager Leam Richardson is currently second in the betting on 5/2, ahead of ex-Huddersfield Town, Lincoln City and Portsmouth chief Danny Cowley at 4/1.
According to local reports, Bradford are not thought to be in any hurry to fill the position full-time following the positive reaction on and off the field to McDonald’s leadership.
The Scot will take charge of the team again at Wimbledon on Saturday as the club take their time in assessing their options.
The likes of Pete Wild, Karl Robinson and Lee Bell are also high up in the bookies’ odds.
McDonald also had spells in the past at Dundee, Sheffield United, Wolves, Fulham, Dundee United and Exeter City. He has played over 550 games in his career to date.