Leicester latest: Roy Hodgson new odds-on favourite as Danny Simpson backs Craig Shakespeare

The Foxes have refused to respond to reports that the former England manager has been approached about their managerial vacancy.

Hodgson, who has stated his desire to return to management having left the England position after Euro 2016, is the latest big name to be linked with Leicester.

A source close to Hodgson also refused to comment on the reports.

Guus Hiddink, who has twice served as Chelsea caretaker boss, and former Manchester City manager Roberto Mancini have also been rumoured to be under consideration to succeed Ranieri. Italian Mancini had a short spell as a player with the Foxes.

Nigel Pearson, whom Ranieri succeeded as boss in July 2015, has also been linked with a return.

However, the circumstances of Pearson's departure - his son James was dismissed as a player for his role in a racist sex tape in the Leicester owners' homeland of Thailand - would likely discount that prospect.

Leicester defender Danny Simpson has backed interim manager Craig Shakespeare to take up the role on a permanent basis following Monday's comprehensive victory against Liverpool.

The struggling champions ended their five-game losing streak in the Premier League with an emphatic 3-1 victory over Liverpool in Shakespeare's first game in charge since Ranieri's sacking.

"I can't see why not, but it's the chairman's decision," Simpson told British media when asked of Shakespeare's chances of landing the role on a permanent basis.

"It's up to him and he owns the club, he is passionate about the club."

"Those decisions are nothing to do with us but, for me, (Shakespeare) has been really good. He is a top coach, a top guy and he has taken it on naturally.

"He has kept it simple and told us what he wanted to do and we've done that so let's hope we can carry it on for him."

Current odds on next Leicester manager – at time of writing

Roy Hodgson: 8/11

Craig Shakespeare: 2/1

Guus Hiddink: 8/1

Nigel Pearson: 10/1

Alan Pardew: 14/1

Louis van Gaal: 18/1

Roberto Mancini: 33/1