Gary Megson and Russ Wilcox in the running for Scunthorpe vacancy

The latest Next Scunthorpe United Manager Market reveals a two-horse race between Gary Megson and caretaker boss Russ Wilcox. Megson emerged as one of the main contenders at the start of the week, with Sky Bet rapidly cutting his odds from 40/1 over the weekend down to just 3/1 today (Thursday). The former Sheffield Wednesday gaffer is joined at the top of the betting by Wilcox, 7/2, who has impressed since taking temporary charge.

The Iron lost patience with Brian Laws last week following an FA Cup upset to neighbours Grimsby. The shock defeat marked their fifth successive game without a win, although the sacking came as a surprise to many as the club were only two points off the League Two play-offs.

Wilcox was placed in caretaker charge of the Iron following the sacking and has since led them to back-to-back wins at Portsmouth and Rochdale, which has propelled them up into 6th spot and just three points adrift of top-spot. As a result the 49-year-old, who made over 100 appearances for the Iron as a player, has gone from a 50/1 outside to a 7/2, and if he can lead the North Lincolnshire side to a third consecutive victory on Saturday - at home to Torquay - then expect his odds to dwindle even further.

Meanwhile the hugely experienced Megson is currently on the hunt for his tenth job as a manager. The 54-year-old, who has been out-of-work for 21 months, is determined to bounce back from disappointing spells in charge of Bolton and Sheffield Wednesday. Elsewhere the likes of Steve Cotterill, Martin Allen, Chris Wilder and David O'Leary are lurking around, although at this stage it is very much a duel between Megson and Wilcox.