The Brazilian could find himself back at the Nou Camp after leaving the Catalan Giants for PSG in August last year.
Barcelona and Real Madrid have been linked with the forward after electric start to the season – scoring 13 goals in 15 games.
But Betfair have Barca as the favourites to secure the 26-year-old superstar and are odds-on at 10/11.
While Los Blancos trail their rivals at 5/2 in the market.
The former Santos star joined Barca in 2013 and spent four years with the Catalan giants before moving to Paris.
A key factor in his move away from the Nou Camp was to step out of Lionel Messi's shadow.
Betfair spokesperson Katie Baylis said: “With strong rumours that Neymar is set for a return to Barcelona, we now have it odds-on at 10/11 that the next club the Brazilian plays for will be Barca, with Real Madrid at 5/2.
"However with Barcelona saying they have no plans to sign him at this stage, we might have to watch this space….for quite some time.”
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