Date: 12th January 2011 at 10:35pm
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Chris Powell has emerged as a shock 1/8 favourite for the vacant Charlton job.

Powell’s odds have nosedived from 12/1 to odds-on favourite for the managerial post at his former club.

Leicester were forced into rejecting an approach from Newcastle for Powell’s services a month ago, but may now be resigned to losing the popular coach.

Nothing concrete has emerged surrounding the possible departure of the 41-year-old from the Walkers Stadium.

But a dramatic plummet in odds with Skybet has cast serious doubts over the future of Powell with the Foxes.

The sought-after stalwart made almost 250 league appearances in a Charlton shirt over three spells with the Addicks, and still holds cult status at The Valley.

Leicester boss Sven-Goran Eriksson would be reluctant to lose Powell, but is unlikely to prevent the former England man returning to his former stomping ground to begin his managerial career.