Sky Bet made Wise 5-2 favourite for the hotseat.

Wise's 15-month reign as Elland Road manager officially ended in January after he accepted the chance to join Keegan's management team at St James' Park.

Wise was named by United chairman Ken Bates as the permanent replacement for Kevin Blackwell following the unsuccessful reign of John Carver as caretaker manager.

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Leeds were relegated from the Championship last summer at the end of Wis and Poyet's first season with the duo initially unpopular with Elland Road fans.

But an impressive series of results at the start of last season which saw United overcome a fifteen point deficit saw opinions change.

It is not yet clear whether Keegan was sacked or resigned.

Keegan and Newcastle owner Mike Ashley are understood to have clashed over the club's transfer policy and the decision to try and sell controversial midfielder Joey Barton.

After announcing the sale of England Under 21 captain James Milner last week, Keegan called on Newcastle supporters to judge him and the club after the closure of the transfer window.

Keegan was appointed Newcastle manager for a second time on January 16 after the sacking of Sam Allardyce.

Following a glittering playing career with Liverpool, Newcastle and England he retired from playing in 1984.

Keegan returned to the game as Newcastle boss in 1992 before also going on to manage Fulham, England and Manchester City.

He went back to St James' Park earlier this year but was thought to be unhappy with restructuring at the club which saw Dennis Wise appointed as executive director (football).

Keegan recently claimed Milner would not be sold - only for the midfielder to join Aston Villa in a £12million deal.

But having been unable to add to the signings of Argentinian pair Fabricio Coloccini and Jonas Gutierrez with several big-name stars Keegan is believed to have become disillusioned with his lot at Newcastle.