By Amir Mir

The odds on Diego Simeone becoming the next Arsenal manager were slashed to 7/1 by Ladbrokes on Friday morning.

The betting firm revealed that the price on the Atletico Madrid boss take over from Arsene Wenger has plummeted from 16/1.

This comes  after Simeone reportedly reduced his Madrid contract from 2020 to 2018.

Bournemouth boss Eddie Howe is the favourite to replace Wenger at 6/1, while Joachim Low is priced at 10/1.

Spanish outlet AS claim that the 46-year-old will leave the La Liga club at the end of next season.

AS stated that Inter Milan and Paris Saint-Germain did not want to pay the Argentine’s release clause in the summer which prompted the highly-rated manager to reduce his contract.

It is said the club’s chief executive Miguel Angel Gil Marin accepted Simeone’s demands.

Simeone has been highly praised for his work with Atletico having lifted the Spanish title in 2013/14 ahead of powerhouses Real Madrid and Barcelona.

The former midfielder also lost out on European glory last season, as rivals Real beat their Spanish counterparts 5-3 on penalties in Milan.

Arsenal manager Wenger, who will celebrate 20 years at the north London club next month, is in the final year of his Emirates contract.

The 66-year-old has not won the league title since the ‘Invincibles’ lifted the crown in the 2003/04 season.

Wenger has since come under huge criticism from supporters in recent years over his lack of transfer activity and trophies.

He lifted the FA Cup in consecutive seasons in 2014 and 2015, as the club’s longest serving manager spent £90 million on transfers during the recently concluded summer window.

In other Arsenal transfer news, contract talks between star player stalls, as he wants buy-out clause inserted into his contract.