Brian Laws has been backed in from 3/1 to 1/2 favourite with Sky Bet to become the next Rotherham manager.
Ex-Scunthorpe boss Laws previously guided The Iron to two promotions in his nine years at the club, before moving onto Sheffield Wednesday and most recently Burnley in the Premier League.
The Millers are on the lookout for a new boss after sacking Andy Scott last week following less than a year in charge.
Scott saw his side drop eight points away from the play-off spots after a run of only two wins in 10 games.
The South Yorkshire club are expected to appoint their new manager before this weekend's trip to Hereford with chairman Tony Stewart drawing up a five-man shortlist.
Sky Bet Football Trader Jamie Munro said: "It's been a pretty wide-open market since Andy Scott left the post but we saw significant money for Brian Laws on Wednesday morning, prompting us to cut his price significantly.
"However, with five other managers thought to be in the running it looks somewhat of a lopsided market, leaving plenty of value for those backing the other candidates."