By Wayne Veysey

1st Mar, 2017 | 1:17pm

Odds tumble: 46-year-old installed new favourite to become Rangers manager

By Alex Stevens

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

The little known Portugese, 46, is priced at 12/5 by bookmakers Sky Bet to replace Mark Warburton in the Ibrox hot seat.

The odds have been shortened on Caixinha, who is currently the manager of Qatari outfit Al-Gharafa, to take over at Rangers amid reports he has already been interviewed for the post.

Caixinha has leapfrogged the likes of Alex McLeish, Derek McInnes and Alex Neil in the betting after his odds were slashed over the last 24 hours.

Ex-Rangers manager McLeish is second favourite at 11/4, ahead of Norwich boss Neil (3/1) and Aberdeen incumbent McInnes (4/1).

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

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.

It has been reported that the interview process has already begun, with club chiefs jetting into London to meet with prospective candidates.

Former Reading defender Murty has overseen three matches from the dugout, Scottish Premiership defeats to Dundee and Inverness, and a 2-1 Scottish Cup triumph over second-tier outfit Greenock Morton.

Murty will once again be at the helm when Rangers host St Johnstone in a league clash at Ibrox on Wednesday night.

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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