Leicester are in the market for a new manager after sacking Craig Shakespeare in the aftermath of Monday’s home 1-1 draw with West Brom.
Shakespeare left Leicester languishing in the relegation zone after guiding the Foxes to just one Premier League win in eight attempts.
Despite Leicester’s position, the club’s ambitious Thai owners are keen to bring in a high-profile manager to turn their season around.
And according to bookmakers Betfair, Pellegrini is now the frontrunner to take charge at the King Power Stadium.
The Chilean, currently in charge of Chinese Super League outfit Hebei China Fortune, has seen his odds slashed from 25/1 to 9/4.
Leicester are keen to bring in a manager with Premier League experience - and Pellegrini would arrive with three years at Manchester City.
The 64-year-old guided City to the 2013/14 title and to two League Cup triumphs before being replaced by Pep Guardiola last year.
Burnley manager Sean Dyche (5/2) and Wales head coach Chris Coleman (7/2) are also said to be in consideration by the 2015/16 Premier League champions.
The likes of out-of-contract mangers Carlo Ancelotti (20/1) and Thomas Tuchel (40/1) have reportedly already informed Leicester they are not interested in the position.
Michael Appleton, who was appointed as Shakespeare’s assistant in June, will take charge of Leicester’s league trip to Swansea on Saturday (3pm) and Tuesday’s Carabao Cup visit of Leeds.
