The U’s wielded the axe yesterday (January 1), bringing Etherington’s reign to an end less than two months after handing him the job permanently. A 1-0 defeat to Gillingham on home turf proved to be the straw that broke the camel’s back.

Elliott has been installed as the early BetVictor favourite to take the reins at 4/1, having been on the receiving end of a sacking himself earlier on in the campaign. The 45-year-old was relieved of his duties as manager of Cheltenham Town back in September.

A cultured midfielder in his playing days, Elliott represented a variety of clubs in the EFL. He also had a season in the Premier League with Burnley, having helped the Clarets seal promotion from the Championship in 2009.

Wade Elliott was axed by Cheltenham Town in September. Image: Pete Norton/Getty Images

He hung up his boots in 2015, first venturing into coaching at youth level. Elliott worked within the academies of Bristol City and Stoke City before landing the Cheltenham gig in 2022.

Cheltenham axed him with the club sat rock bottom in League One. They have since jumped off the foot of the table but remain in a battle for survival, occupying 23rd place.

Outside contenders for the Colchester role include former Premier League defender Paul Konchesky, priced at 6/1, and ex-Huddersfield Town boss Danny Cowley, priced at 8/1.

Former Birmingham City, Burnley and Bristol City star favourite to succeed ex-Bradford City man at EFL club