Postecoglou's odds of becoming the new Tottenham manager had tumbled from 25/1 to 4/1 with William Hill last week, putting him joint-favourite alongside former Leicester coach Brendan Rodgers.
However, Betfair have now suspended betting on the market with Postecoglou as the clear favourite at 1/2.
It is not immediately clear why Postecoglou has emerged as the new favourite, but he has reportedly expressed an interest in the job.
The 62-year-old led Australia to the Round of 16 at the 2018 FIFA World Cup and was dismissed by the Football Federation Australia in November after a poor showing at the Asian Cup.
Other candidates linked with the job include former Tottenham midfielder Ryan Mason, who took temporary charge at the end of the season, and Southampton boss Ralph Hasenhuettl.
Tottenham have been linked with a host of names since the end of the season, with the club's poor form under interim boss Mason leading to calls for a new manager.
Spurs have not been able to secure a top-four finish in the Premier League since the 2017-2018 season and finished sixth in the table this year.
The club's poor form has led to speculation about the future of manager Mauricio Pochettino, who has been linked with a move away from the club.
The search for a new manager is expected to be a challenging one, with many top candidates already committed to their current clubs or with jobs lined up elsewhere.
Despite the challenges, Spurs are expected to appoint a new head coach before the start of the new season in August.
LONDON DAILY ARCHIVE
Bookmakers suspend betting on Ange Postecoglou to take charge at Tottenham
Tottenham Hotspur's search for a new manager has taken an unexpected turn with bookmakers suspending betting on former Australia coach Ange Postecoglou to take charge at the club.
01 June 2023 · 16:36 UTC
