Hughes is 11/4 for a quick return to management following his recent exit at Manchester City with Alan Curbishley the next name in the frame at 6/1.
Other out of work managers seen as possible contenders include Paul Jewell and Darren Ferguson both at 13/2 with Steve Coppell, Kevin Keegan and Gareth Southgate at 14s, 16s and 20s, respectively. Former Bolton players Gary Speed and Peter Reid are 28/1 and 40/1.
Paddy Power, said: "Hughes is the favourite for a quick return to the Premier League but is it a job that is going to attract him after the millions he had at his disposal at Man City?
It may be that the likes of Alan Curbishley and Gary Speed are picked up by punters as more fitting of the Bolton mould.
One thing is for sure, this market is going to see some ups and downs over the next few days as managers rule themselves in or out."
Paul Jewell has stormed into favouritism at 11/4 (3.75), with Peter Reid now second at 13/2 (5.50). Mark Hughes is now 3rd favourite at 6/1 (7.00)
Next Permanent Bolton Manager Betting11/4 Jewell (from 13/2)
13/2 Reid (from 40/1)
6/1 Hughes (from 11/4)
9/1 D Ferguson (from 13/2)
10/1 Curbishley (from 6/1)
(see all the latest Bolton Wanderers Next Manager Betting odds at Paddy Power)
Relegation Latest2/5 Hull
13/5 West Ham