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A UK betting agency, Betfair, has listed Yokohama F. Marinos manager Postecoglou as the favourite to take over at Celtic, after Former Bournemouth manager Eddie Howe dropped out of the running, the club confirmed.
Howe had been one of the favourites to replace Neil Lennon, who left Celtic in February with the Bhoys trailing Rangers in the Scottish Premiership.
Lennon's departure did nothing to prevent Rangers' march to the title, ending Celtic's hopes of winning 10 championships on the bounce.
Howe left Bournemouth after its relegation from the Premier League in 2020, and Celtic confirmed it held talks with the 43 year-old.
However, it appears the move is dead in the water, with Celtic stating that it is assessing other candidates due to reasons beyond the control of the club and Howe.
"Following very positive and detailed discussions with Eddie Howe, with the belief that he would be an excellent candidate for the position of Celtic manager, we allowed time for the process, given he'd previously made it clear he was not looking to return to management until this summer at the earliest," a club statement read.
"We can now confirm that Eddie will not be joining the club, for reasons outwith both his and Celtic's control.
"We wish Eddie success for the future.
"As part of the ongoing process we have engaged with a number of candidates. We fully appreciate our fans will be seeking clarity on this matter and we aim, very shortly, to announce the appointment of a manager with the quality and desire to take Celtic forward and bring further success to our supporters."
One of those candidates, according to extensive UK media reports, is Postecoglou, who won the J.League title in his second season at the helm of Yokohama f. Marinos.
The 55 year-old led the Socceroos at the 2014 World Cup in Brazil and an Asian Cup title on home soil a year later, during a decorated four-year stint at the helm of the national team.