Benitez's departure could see another Premier League club raided for their coveted head coach.
Eddie Howe has been installed as the 7/1 second favourite to replace Rafa Benitez at Newcastle the club confirmed that the Spaniard will not be extending his three-year-stay on Tyneside.
Howe is currently serving his second stint with Bournemouth and this could be the perfect time to pluck the 41-year-old from the Cherries for a new challenge up north.
The bookies favourites is the recently sacked Garry Monk at 11/2, who lost his job at Birmingham at the start of the month.
Elsewhere, Newcastle fans will be dreaming that Jose Mourinho could make a shock return to England at 12/1 whilst Arsenal legend Arsene Wenger is still out of work and is available at 20/1.
Oddschecker spokesperson Callum Wilson: "Just as news of a potential takeover of Newcastle seemed to be coming to fruition, Toon fans have been dealt a huge blow this morning.
"With Rafa Benitez gone, bookmakers have leapt to price up his successor - and the early money is indicating that Bournemouth's Eddie Howe is well in the frame.
"Gary Monk remains favourite and the most backed with almost a third of all bets, however, huge names in the game such as Jose Mourinho, Arsene Wenger are being backed, with 22% and 11% of all bets respectively."
