The Spaniard is 3/1 with SkyBet to take charge at Hillsborough while ex-Leicester gaffer Nigel Pearson is a 4/1 contender.

Paul Lambert, who left Wolves at the end of last season, is also available at 4/1 while Garry Monk - axed by Middlesbrough last night after beating Wednesday - is rated at 5/1. 

Wednesday axed Carvalhal this morning in the wake of the 2-1 defeat to Boro. 

The Owls were expected to challenge for automatic promotion after two near-misses in the play-offs.

But the season has not gone to plan with the club languishing in 15th place in the Championship table.

Carlos Carvalhal: Why have Sheffield Wednesday axed him? What did he do? What has he said?

Karanka, who guided Middlesbrough to promotion in May 2016 before being axed in March, would appear a good fit for Wednesday.

Pearson also has experience for leading a team to the Premier League, having taken Leicester up in 2014. 

The former Wednesday defender is currently in charge of Belgian outfit OH Leuven. 

Former Sunderland boss Simon Grayson (8/1) and Manchester United legend Ryan Giggs (10/1) are also being linked with the vacancy. 

Carvalhal’s assistant Lee Bullen will take charge for the Boxing Day trip to Nottingham Forest  (3pm).

Speaking about Carvalhal’s axing, Owls chairman Dejphon Chansiri said: “I would like to offer my sincere thanks to Carlos for the time, effort and commitment he has given Sheffield Wednesday over the last two and a half years.

“Both parties believe the time is right to go our separate ways.

“I maintain a huge amount of respect for Carlos as a coach and as a person and he will always be welcome at Hillsborough.

“I wish him every success in the future.”