The 50-year-old steered the Clarets to two promotions — one as champions — during an incredibly decorated nine-and-a-half year stay at Turf Moor and added two top 10 finishes in the Premier League, which resulted in the club’s first expedition into Europe in more than half-a-century.
Dyche, Burnley’s third longest-serving manager in their history, is currently 3/1 with Betfair to succeed Hornets boss Roy Hodgson CBE, who will step down from his position at Vicarage Road at the end of the season.
Dyche made 72 appearances for Watford in the second tier, dating between 2002 and 2005, and went on to manage the club in 2011 — after Malky Mackay left for Cardiff City — before guiding them to an 11th place finish in the Championship.
Former Tottenham and Wolves boss Nuno Espirito Santo follows at 4/1, while World Cup winner Fabio Cannavaro is 13/2.
Other contenders for the job include Paul Fonseca (9/1), Diego Martinez Penas (10/1) and Gennaro Gattuso (14/1).
Betfair spokesperson Sam Rosbottom said: “Remarkably, Roy Hodgson has become the 16th Watford manager to leave since the Pozzo family took over in 2012. With relegation all but confirmed, former Hornets boss Sean Dyche is the 3/1 favourite to succeed Hodgson with Nuno Espirito Santo 4/1.
"Elsewhere, Fabio Cannavaro and Paulo Fonseca are 13/2 and 9/1, respectively, to take the reins at Vicarage Road."