By Wayne Veysey

3rd Mar, 2017 | 6:44am

Betting update: Odds-on favourite for Rangers job as price drifts for previous top contender

By Alex Stevens

Pedro Caixinha has been installed as the odds-on favourite to become the new Rangers manager following a tumble in his odds.

The 46-year-old was not even priced by bookmakers earlier this week but his odds have been slashed in the last 48 hours.

Portugese Caixinha is now priced at 1/2 by bookmakers Sky Bet to replace Mark Warburton in the Ibrox hot seat.

The odds have drifted on former favourite Alex McLeish, who is now priced at a relatively distant 10/1 to take over at Rangers.

Ex-Birmingham manager Gary Rowett is the second favourite behind Caixinha, with his odds at 5/2 on Friday morning.

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Caixinha, who is currently the manager of Qatari outfit Al-Gharafa, has moved into the box seat as far as bookmakers are concerned amid reports he flew in to London for an interview with Rangers last week.

It has been said that he massively impressed the Ibrox directors delegation with his knowledge and understanding of football, as well as his passion, enthusiasm and hunger.

Ex-goalkeeper Caixinha, who retired from playing at the age of 23, has previously managed Portuguese side CD Beja and Greek giants Panathinaikos.

He also has wide experience as an assistant manager and came close to joining forces with Vitor Pereira at Celtic two years ago.

Rangers are intensifying their search for a new manager while also attempting to bring in a director of football as part of a major management restructure.

Former Reading defender Murty has overseen the last four matches from the dugout, wins against St Johnstone and Greenock Morton and Scottish Premiership defeats to Dundee and Inverness.

In other Rangers news, this is the huge sum lost by Mark Warburton after his behind-the-scenes manoeuvrings horribly backfired.

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