The Corbridge-born former Sunderland manager, who supported the Magpies as a boy, joined Wednesday in February following the sacking of Jos Luhukay and made an immediate impact, guiding Wednesday to a 12th-placed finish.
The odds of Bruce taking the Newcastle job were as short as 9-1 in places following yesterday’s news, but have since drifted as far as 25-1, with bookmakers seemingly sceptical of any link.
In a mixed bag of contenders, Jose Mourinho, David Moyes and Claudio Ranieri are among the bookies’ front-runners.
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The likes of Slavisa Jokanovich and Chris Hughton are at much shorter odds than Bruce.