The Serbia-born American, whose full name is Predrag Radosavljevic, confirmed this week he is leaving his job with American side Sacramento Republic to take up a post in England.
And the 52-year-old, who spent two years at Goodison Park in the early 1990s, is now as short as 4/6 with Sky Bet to replace Nigel Pearson at Leicester.
But a source close to Preki has hinted he could take a coaching or technical role and says it would be a surprise if he took the manager’s job.
Former USA boss Bob Bradley was also backed for the vacant post on Wednesday evening, coming in from 33/1 to 3/1 second favourite.
Pearson was sacked by Leicester earlier this month despite keeping the club in the Premier League last season.