The red and white legend, whose battling spirit twice drove the team to the brink of Europe, has 10 games to stake his claim for the top job at the Stadium of Light.
After Mick McCarthy was sacked yesterday, the academy coach was immediately installed as caretaker – and made 3/1 favourite to get the job in the summer.
He has been joined on the list of favourites by emerging managers like Martin Allen and Mike Newell – which also includes fellow Wearside legend Niall Quinn.
Also said to be in the running, controversially, are ex-Newcastle managers Kevin Keegan and Graeme Souness, and former Sunderland boss Peter Reid.
However, chairman Bob Murray has been tight-lipped over any successor to McCarthy and has indicated an appointment would not be announced until the end of the season.
Meanwhile, former Chelsea manager Claudio Ranieri, who has also expressed an interest in the Newcastle job, today threw his hat into the ring to take over from McCarthy.
Asked by BBC Radio 5 if he was interested in the challenge on Wearside, he replied "Why not?".
But William Hill spokesman Graham Sharpe today ruled out the arrival of Martin O'Neill, the fans' top choice to take over.
He said: "It is a very difficult job to assess. Clearly what you're going to be looking at is a Championship job, rather than a Premiership job.
"That is probably going to rule out most of the so-called glamour candidates.
It looks very unlikely there will be an appointment made before the summer.
"There may be some candidates miss out on some of the big jobs that are coming up – England, Newcastle, maybe Manchester United, so it's very tricky to call."


3/1 Kevin Ball
SUNDERLAND hero who is loved by fans, will soon complete his coaching badges and also gets on well with the chairman.
A few good results could cement his case.

7/1 Alex McLeish
WILL be available in the summer when his Rangers contract expires.
He has won trophies as a manager in Scotland and coped with the intense pressure in Glasgow, which could work in his favour.

9/1 Martin Allen
MADCAP Brentford boss who led his team to FA Cup victory over the Cats this season.
Highly rated among the lower leagues as an emerging manager.

9/1 Brian Kerr
FORMER Ireland boss who is looking for work, although that pedigree didn't work so well the last time.

10/1 Mike Newell
ANOTHER rising star with experience both in the top flight, as a player, and in the lower divisions, as a manager. Former striking partner and pal of Alan Shearer may not be such a welcome guest at the stadium.

16/1 Graeme Souness
OUT of work and would surely relish the chance to get one over on former employers on Tyneside.
Recent demise at Newcastle could work against him.

25/1 Peter Reid
HE'S done it once before without breaking the bank (at first) and is also available.
It would upset many fans if he was reappointed.

33/1 Niall Quinn
A BLACK Cats legend, but on the downside, he has no managerial experience.



Broadcaster and founder of the Grace House Appeal, Kathy Secker, said: "I hear Sven Goren Erriksson will be looking for a job around the time the board wants to appoint.
"Seems like a marriage made in heaven to me".
City mayor Bill Stephenson said: "I wish them all the best. It's the same group of players who did it in the Championship last time and there's no reason why they can't come back up again."
Television agony aunt and author Denise Robertson said she was "gutted" to see Mick McCarthy go.
She said: " I'm really sorry. I think he's had dreadful bad luck, the team has. I'm really sad to see him go.
"I think he's been immensely brave in the last few weeks. I know him and think he's a very proud man. I think defeats week after week will have hurt him desperately. He kept his chin up and I admire him for that."


Sacking splits fans

ECHO reporter LISA HODGE gauges the fans' reaction to the dismissal of Mick McCarthy.

Rob Christie, 34, from Silksworth, said: "I think it's a good thing McCarthy's gone. I think Kevin Ball will be good for the team because they need to be a bit more aggressive and he has more aggression in him, he was an aggressive player."
Kim Brown, 27, from Silksworth, said: "I think he should have gone before now it just went on too long. Hopefully Kevin Ball will bring the team a bit more luck, but they need money as well."
Leigh Wilkinson, 37, from Ryhope, said: "I feel really upset about Mick being sacked. He seemed like a nice person, but obviously we all thought he was the man for the job, but he wasn't right for the team. He didn't have it easy though and it's going to be hard for anyone who comes in to sort the team out."
Jean Wilkinson, 70, from East Herrington, said: "I think Kevin Ball should be able to turn things around for the team. I don't know why they don't take him on properly."
Sean Dixon, 37, of Southwick, said: "I'm pleased McCarthy has gone. I would really love to see Martin O'Neill come to Sunderland because he would work wonders for us. I think Kevin Ball is a good asset for the club. His heart is in the club like O'Neill."
Darren Nixon, 35, from Washington, said: "If Kevin Ball does as well as he did when he played for Sunderland then I'd like to see him stay on as manger. It was McCarthy's time to go. Managers live and die by their results in football and in the end his results finished him."
Steve Brennan, 40, from Nookside, said: "I'm delighted Kevin Ball is someone with a lot of passion and that's what the team needs. McCarthy should've been sacked months ago. We are bottom of the league with 10 points and two wins so it should have happened before now."
John Ross, 66, from Newcastle Road, said: "It's a bit of a shock about McCarthy because it's not him to blame. A manager can only tell the players so much then on the pitch it's up to them. If anyone is the man for the job then it's Kevin Ball."
Linda Burnikell, 57, from Monkwearmouth, said: "It wouldn't matter if they had the Messiah himself managing them, no one can do anything with that team."
Lisa Tighe, 33, from Ford Estate, said: "I think the board are to blame for the mess the team are in, not McCarthy. They have never given him the money he needed to make the team good enough."
Jim Craigie, 78, from Hetton, said: "It's disgraceful they've sacked McCarthy, but I think Kevin Ball will be a good replacement because he has Sunderland at heart and he'll do well for us."
Keith Robertson, 21, from Thorney Close, said: "It's not the managers fault. He did well last season. I would love to see Martin O'Neill come to Sunderland. They need a class manager like him and he's a Sunderland fan as well so it would be great to see him here."
David Holdsworth, 21, from Thorney Close, said: "I think it's the players who are to blame. The have no passion and we need a manger who has plenty of passion to spur them on a bit. Kevin Ball might be the man for the job."
Rod MacPherson, 57, from Pallion, said: "It's a disgrace pushing McCarthy out like this. He was never given the money to go in to the premiership. Any other manager who comes in to take over will have the same problems."
Carl Borgesson, 55, from Seaham, said: "I think Bob Murray should go as well because we are a total laughing stock. At least Kevin Ball wears his heart on his sleeve so I think it's good that we are giving him a chance."
Carol Borgesson, 53, from Seaham, said: "It's such a shame because when McCarthy came to the club it was exciting."
Jason Kirtley, 36, from Thorney Close, said: "It should be the board who are sacked, but now that McCarthy has gone I would like to see Martin O'Neill at the club."
Tony Gregory, 19, from Thorney Close, said: "If Sunderland want to be good in the premiership, then the board are going to have to spend some money on players."
Ian Redpath, 40, from Springwell, said: "They should have kept McCarthy until the end of the season at least, then let him go."