The former RB Leipzig boss is 2/5 to replace Mark Hughes as Quique Sanchez Flores' odds have drifted after being the initial favourite.
The former Watford boss is now 7/1 after being 8/11 to be the next Saints boss immediately after Hughes' depature.
Sam Allardyce is second favourite at 5/1 after his odds have slashed from 20/1.
Prior to Southampton's 2-2 draw against Southampton, Paulo Sousa was leading the market but he is now 6/1.
Betfair Spokesperson Katie Baylis said: “We’ve seen a huge amount of action on the next Southampton manager market this morning and now have Ralph Hasenhuttl as the 2/5 favourite, in from 5/2 a couple of hours ago.
"We’ve also had to slash the odds on Sam Allardyce who is into 5/1 from 20/1, while support for Quique Sanchez Flores has stalled and he’s now 7/1 from 8/11 this morning."
Betfair: Next Southampton manager
Sam Allardyce 5/1
Paulo Sousa 6/1
Quique Sanchez Flores 7/1
Garry Monk 10/1
David Moyes 14/1
Nigel Pearson 16/1
Hughes is the second Premier League manager of the season to be sacked, after Fulham axed Slavisa Jokanovic.
Southampton decided to call time on the 55-year-old's time as boss after a ten-game winless streak in the English top flight.
First Team Assistant Coach Kelvin Davis will lead the team for Wednesday’s Premier League game against Tottenham Hotspur at Wembley.
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