Coyle was dismissed on Tuesday by chairman Phil Gartside after a 2-1 defeat by Millwall at the weekend left the Trotters down in 18th place in the Championship.
Bolton were among the pre-season favourites to bounce back to the Premier League at the first time of asking following last season’s relegation.
But after seeing Coyle manage just three wins in the opening ten games of the new league campaign, Gartside admitted that it was “the right time for a change”.
|Confederation Cup - Group B|
McCarthy, who has been out of work since being dismissed as Wolves boss in February, has subsequently been installed as the 5/4 favourite in our next Bolton manager market.
The 53-year-old has won promotion from the Championship in the past with Sunderland and Wolves – winning the title on both occasions – and would presumably relish the chance to do so again.
Punters registering with bwin receive a free £20 bet and placing this on McCarthy to become the new Bolton boss would return £45 if and when he is appointed.
Also in the frame to replace Coyle in the Reebok Stadium hotseat is Ole Gunnar Solskjaer, who has been strongly linked with the vacancy at another Lancashire club, Blackburn Rovers.
The former Manchester United striker has made an impressive start to his managerial career, taking Norwegian outfit Molde to the title in his first full season, and he is priced at 3/1 to take the reins at Bolton.
Elsewhere, Peter Reid and Alex McLeish are both available at 12/1, with Billy Davies next at 14/1 ahead of another Red Devils legend in Roy Keane, who can be backed at 16/1.
A clutch of managers – Dougie Freedman, Paolo Di Canio, Phil Brown, Rafa Benitez and current joint caretaker Sammy Lee – are priced at 20/1, with Eddie Howe, Alan Shearer, Alan Curbishley and former Bolton boss Gary Megson out at 25/1.
Bolton are currently available at a lengthy 14/1 to win the Championship, while gaining promotion – which will surely be the minimum requirement for the new man at the helm – is priced at 9/2.
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