The 43-year-old from Leeds has been out of work since being sacked by Wigan Athletic midway through the season. Richardson was assistant to Paul Cook at Pompey when the club won promotion to League One in 2017.

Ex-Sheffield United and Middlesbrough manager Chris Wilder is also among the favourites. He was sacked by Boro earlier in the season with the club fighting at the wrong end of the Championship table.

Cowley had been in charge on the south coast since March 2021 and joined the club alongside his brother Nicky, who served as assistant head coach. Pompey have not won for nine league games and were beaten 3-1 by Charlton Athletic on New Year’s Day.

HUDDERSFIELD, ENGLAND - SEPTEMBER 13: Leam Richardson, Manager of Wigan Athletic applauds fans prior to the Sky Bet Championship between Huddersfield Town and Wigan Athletic at John Smith's Stadium on September 13, 2022 in Huddersfield, England. (Photo by Charlotte Tattersall/Getty Images)

Chief executive Andrew Cullen said: “We are desperately disappointed that, following our recent run of results, we have today made the difficult decision to part company with Danny and Nicky.

“Both Danny and Nicky have given everything to Pompey, working so hard inside and outside of the training ground with a determination to bring success – not just to the football club, but to the city of Portsmouth and the wider community.

“Danny and Nicky both really understand Portsmouth and they should look back with pride at the progress and innovation they have delivered at the club.

“We will forever be grateful to them for their personal commitment towards reinvigorating the special connection between the football club and our community. We all wish Danny and Nicky success in everything they go on to do.

“We must now look forward and, with 24 league games still to play, we will focus all our efforts towards delivering the targets we set for this season. The search for a new coaching team will commence immediately.”

Next Portsmouth manager odds (correct as 8am, January 3, 2023)

Leam Richardson – 1/1

Chris Wilder – 8/1

Lee Bowyer – 12/1

Liam Manning – 12/1

Dean Smith – 14/1

Jimmy Floyd Hasselbaink – 14/1

Darren Ferguson- 16/1

Chris Hughton – 20/1

Russell Martin – 20/1

Paul Tisdale – 20/1

David Artell – 20/1

Marc Bircham – 20/1

Duncan Ferguson – 20/1

Karl Robinson – 20/1

Paul Lambert – 20/1

Steve Morison – 20/1

Neil Lennon – 20/1

Joey Barton – 20/1

Next Portsmouth manager: Ex-Sheffield United and Middlesbrough man among favourites alongside former Pompey number two