Simon Grayson emerges as new favourite for Sunderland job

The Black Cats search for a new boss today stretches into a third week, following on from David Moyes' resignation over budget concerns, ended a troubled season-long spell in the post.

And while Aberdeen's Derek McInnes remains the most likely manager to end up in the Stadium of Light hotseat with most bookmakers, the odds have tumbled on Preston boss Grayson over the weekend.

The 47-year-old was priced at 40/1 just seven days ago but has been backed in to as short as 7/4 with SkyBET.

That places him as the favourite in their book, ahead of 2/1 shot McInnes.

Elsewhere former Huddersfield Town and Leeds United boss Grayson can be backed at around 5/2 or 3/1.

Grayson is credited as doing a remarkable job at Deepdale, securing promotion back to the Championship in 2015 on what many regard as a shoestring budget.

He's done more than just keep them in the second tier too, having guided them to an 11th place finish last season.

At present Grayson is away on holiday, as is Dons boss McInnes - who is due to return to the UK next week after a fortnight break in Florida.

While compensation has been credited as a potential stumbling block for McInnes in the North East of Scotland, with the former West Brom and Rangers midfielder having two years left on a deal worth in the region of £300,000 to £400,000 per year, it could also be an issue with Grayson.

The Lilywhites are keen to hang on to Grayson, having been impressed with his progress after handing him carte blanche to rebuild in the North West.

Out-of-work Paul Lambert, supposedly part of chief executive Martin Bain's shortlist, has seen his odds drift in recent days, so too has Ryan Giggs, who last week distanced himself from the post.

Nigel Pearson has been installed as the third favourite for the role, with Ally McCoist also backed.