The Posh boss has been installed as third favourite by a Leicester-based bookie to replace Ian Holloway in one of the hottest seats in football.

But Ferguson today distanced himself from a move to the Walkers Stadium. Leicester have already had four full-time managers since owner Milan Mandaric took control in February 2007.

Leicester bookie Mark Jarvis make Ferguson a 5-1 shot alongside Paul Ince of MK Dons to land the job. Only former Derby player Billy Davies and ex-Wycombe boss Paul Lambert have shorter odds.

But Ferguson said: "I'd have to be off my head to go there. They must have had half a dozen managers in the last two years so it doesn't appeal to me at all.

"Anyway I already have a great job with a great chairman so I'm not interested in going anywhere."

Holloway parted company with Leicester after the club dropped into the third tier of English football for the first time in their history.

They look sure to be a powerful force in League One, but then so will Posh if national bookmakers have priced their title odds correctly.

Posh are as low as 8-1 third favourites to win the division with William Hill. They are 10-1 third favourites with Coral, 14-1 fifth favourites with Ladbrokes and 16-1 eighth favourites with Skybet.

Ferguson added: "I'm not really bothered by the odds. We were a very short price to go up last season, but we coped with the pressure and pulled it off.

"There will be more quality in League One, but there is nothing there to be afraid of. On a level playing field Leeds are worthy favourites and there is no tellling what Leicester will do.

"But our odds are based on our ability and the fact that the bookies will probably expect us to spend plenty of money. I've said before we won't be splashing money around because we don't need to.

"You will need good strikers to prosper in League One and we aready have them. If we can start well I am sure we will be up there challenging for promotion at the end of the season."

Ferguson is hoping to tie up a couple of new signings before he starts a family holiday at the weekend.


YOU WANNA BET . . . the latest odds

Leicester City manager odds (supplied by Mark Jarvis Bookmakers):
6-4 Billy Davies, 7-2 Paul Lambert, 5-1 Paul Ince, Darren Ferguson, Gerry Taggart, 8-1 Simon Grayson, 10-1 Lawrie Sanchez, Mike Newell, 12-1 Sam Allardyce, 14-1 Peter Reid, Mark Robins, 16-1 Joe Royle, John Gregory, 20-1 John Collins, 40-1 Steve Walsh.

William Hill League One title odds:
7-2 Leeds
11-2 Leicester
8-1 POSH
9-1 MK Dons
16-1 Carlisle
20-1 Tranmere
20-1 Southend
20-1 Huddersfield
20-1 Colchester
20-1 Brighton
25-1 Walsall
25-1 Scunthorpe
25-1 Oldham
33-1 Swindon
33-1 Northampton
33-1 Millwall
33-1 Hereford
33-1 Hartlepool
33-1 Bristol R
40-1 Leyton Orient
50-1 Yeovil
50-1 Crewe
50-1 Stockport
66-1 Cheltenham