All yours, Redknapp - Harry is top choice to replace Allardyce as Shearer says 'No'

Sam Allardyce admitted he was 'shocked' after dramatically being sacked yesterday while Redknapp emerged as the favourite in the boardroom, where owner Mike Ashley is known to be a huge admirer of his exciting football style.

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Odds on Redknapp heading to the north-east crashed from 11-1 to 2-1 in two hours, but he will be in turmoil as to whether to turn his back on Portsmouth. ]

Yet he remains one of the Barclays Premier League's lowest-paid managers despite recently signing a new four-year deal, while the prospect of a 'transfer fee' being paid to Portsmouth will not deter Ashley from pursuing his man.

One option likely to appeal to Ashley would be the prospect of Redknapp bringing his son, Jamie, to work alongside him.

Shearer, holidaying in Barbados, emerged an obvious and early favourite to replace Allardyce, but he has let it be known that he is not ready for a management role.

Allardyce, 53, was sacked hours after holding a press conference to talk about Newcastle's visit to Manchester United on Saturday.

He appeared oblivious to his fate, but later departed by 'mutual consent' following a brief meeting with Ashley and chairman Chris Mort.

He becomes the eighth Premier League manager to lose his job since the start of the season as Newcastle prepare to appoint their eighth boss in 11 years.

Mort said: 'Mike and I would like to place on record our thanks for Sam's efforts and wish him well for the future.'

He added that a further announcement on the managerial position would be made 'when appropriate'.

Allardyce, who was on a £3million-a-year, three-year contract and will receive a pay-off thought to be in the region of £4m, said: 'I'm disappointed obviously but I'd just like to wish everybody at Newcastle all the best for the future and I hope things go very well. Yes it was a shock, I didn't expect it.'

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Ashley sat with fans at Stoke last weekend and appeared in the dressing room before and after a difficult FA Cup goalless draw. 'He did not have the demeanour of a man about to wield the axe,' said one player.

Former Newcastle boss Sir Bobby Robson admitted he was 'stunned' to hear of Allardyce's exit.

He said: 'Hearing the news was without doubt a surprise and I am stunned.

'That's the eighth Premier League manager we've lost this season. The pressure is too much now. It's rather sad for the game.'

Should Newcastle fail to lure Redknapp, Blackburn's Mark Hughes and even Jose Mourinho may be alternative targets.

First-team coach Nigel Pearson will take charge for Saturday's match while Redknapp is scheduled to be in the north-east as Portsmouth take on Sunderland.

Redknapp, responding to the speculation, told The News in Portsmouth: "I really do not know anything about this. I have not spoken to anyone from Newcastle.

"When I saw Sam had left my immediate thoughts were that Alan Shearer was a certainty to take over.

"There's nothing in my being linked with the job. I had an offer not so long ago to take over at what I consider a massive club but I didn't go.

"I am happy down on the south coast."