Who will replace Rafa Benitez at Liverpool?

With Rafa Benitez set to leave Liverpool, the hunt for Liverpool's new manager is now on. This is The First Post's guide to the five men most likely to take over the reins at Anfield.

MARTIN o'NEILL (ODDS 6-4)

The bookies favourite to take over the Anfield hotseat is Martin O'Neill, who seems a perfect fit for the Liverpool job. Ever since making his mark as a manager with Wycombe and then Leicester he has been tipped for big things, and has been widely regarded as Sir Alex Ferguson's heir apparent. But with the Scot still going strong at Old Trafford, O'Neill could well be tempted to try his luck with Liverpool.

His record with his current employers, Aston Villa, is excellent despite a limited budget. Indeed his Villa side finished above Liverpool in the league last season. He has proved himself to be very astute in his transfer dealings, and his side is brimming over with young talents like Ashley Young, James Milner, Stewart Downing and Gabby Agbonlahor.

After four years at Villa Park he may think it is time to move on, especially as he is at loggerheads with American owner Randy Lerner over transfer funds - ironic, given the position of Liverpool's current owners.

GUUS HIDDINK (ODDS 3-1)

Guus Hiddink is regarded as one of the best managers in the world and would be welcomed with open arms at Anfield. The Dutchman's achievements include winning the European cup plus the domestic double in the same season with PSV Eindhoven, and performing the miraculous feat of leading South Korea to fourth-place in the 2002 World Cup.

He has also proved himself in the Premier League. He stepped in to take the reins at Chelsea midway through last season, and under his guidance the Blues lost only once in 21 games and won the FA Cup.

Fundamental for Liverpool would be the pulling power that such a well-known name commands. Should he arrive, stars such as Steven Gerrard and Fernando Torres would be far more inclined to stay and the potential to bring in marquee signings would also be greatly increased.

On the downside, he has already agreed to take over as coach of the Turkish national team after the World Cup.

ROY HODGSON (ODDS 4-1)

Voted Manager of the Year for 2010, Roy Hodgson is the man that most Liverpool fans want to see at their club next season. Since taking over at Fulham two-and-a-half years ago he has transformed them from nailed-on relegation candidates to Europa League finalists.

Hodgson has been a manager for almost as long as Sir Alex Ferguson, and his career has included stints working in Sweden, Switzerland, Italy, Denmark, Finland and even the United Arab Emirates. His knowledge of European football is second to none, and his ability to get the best out of players such as Bobby Zamora could prove to be vital given Liverpool's wealth of underperforming stars.

KENNY DALGLISH (ODDS 7-1)

Perhaps the most surprising name in the frame is that of Kenny Dalglish, and his appointment would surely only represent a short-term solution for the club. However, he is a Liverpool legend through-and-through and a link back to the club's heyday when Bob Paisley and the famous 'bootroom boys' held sway.

Dalglish spent 14 years at the club as player and then manager between 1977 and 1991. He notched up eight league titles and three European Cups during his time Anfield and guided Liverpool to their last championship in 1990.

However, he has been out of top level football management for 10 years. After walking out on Celtic in 2000 he took a nine year sabbatical before taking up the position of head of Liverpool's academy in 2009.

Mark Hughes (ODDS 22-1)

Although he is regarded as one of the best British managers to emerge in recent years and is currently out of work, Mark Hughes is  an outsider for the Liverpool job - perhaps because of his past as a Manchester United player.

He might have to work to win over the fans but there is no doubt he has managerial ability. Stints in charge of Wales, Blackburn and Manchester City have established his credentials - he even managed to get on with Craig Bellamy - and he has proved himself an astute operator in the transfer market.

There are blots in his copybook - the signing of Robinho for example - and he was not seen as a large enough character to guide Manchester City into the big time once Sheikh Mansour had taken over. But the record of his successor at Eastlands, Roberto Mancini, would indicate that Hughes was hard done by, and he would love to prove that he has what it takes to manage a big club. ·