Sheffield Wednesday installed as favourites to sign former Manchester City forward Wilfried Bony

And the club have been installed as surprise 2/1 favourites to secure the signature of former Manchester City forward Wilfried Bony, who is available on a free transfer.

Monk has made it clear that the club will be operating in the loan and free transfer market during the window and has worked with the Ivory Coast international previously, during his first managerial role at Swansea.

The likes of Hull City, Brentford and indeed Swansea are considered rivals to Bony’s signing by bookmaker Sky Bet, but are priced out at 8/1 and 10/1 respectively.

In 2015 Swansea’s sale of Bony, who had scored 16 goals in half a season when he was sold for a club-record £25m, was seen as a defining moment in Monk’s tenure at the Liberty Stadium.

And speaking after the sale, which made Bony the most expensive African player of all-time, Monk paid tribute to his character and hinted at a close personal relationship between the two.

“I’ve got a fantastic relationship with Wilfried, I always have since I’ve been doing this job,” he said.

“I worked very closely with him and I knew his views on things and I think you can see from all his performances how committed he was to Swansea City, to myself and the team.”

Bony, 31, has been a free agent since his last contract – a second spell with Swansea – ran out in May.