THERE was a collective intake of breath around Bolton when news broke that Nigel Pearson had been sacked at Leicester City.

Fans naturally feared the worst, and given Neil Lennon’s rich history with the Foxes it was entirely reasonable to assume he would be among the front runners with the bookmakers.

So it has proved.

While it is dangerous to read too much into betting markets so soon after a managerial change, the nerves were clearly evident around the Macron as Lennon’s odds continued to tumble today.

Sam Allardyce had been the initial bookies' favourite after some reports even claimed Leicester’s owners had sounded out the 60-year-old, but those same news sources were soon reporting that he had withdrawn his name from the reckoning, leaving Lennon as the leading candidate.

It is not the first time the Whites boss has been strongly linked with a post elsewhere and, as yet, there is no tangible reason for Wanderers fans to worry.

No contact has been made by Leicester to Lennon or his representatives, and more specifically the club itself.

If his name was top of a shortlist, then Leicester’s Thai ownership have done little about it.

Wanderers have gone about their business as usual – announcing two new first-team signings and the extension of Darren Pratley’s contract, welcome news considering the stagnation that has developed over the last few weeks.

But as those first sprouts of the Lennon revolution became evident, concern continued to linger that it could all be quickly snatched away.

Wanderers have invested a lot in brand Lennon. Much of their season ticket sales pitch has been pinned on their charismatic leader, who was instantly adopted by the town when he arrived last year.

Furthermore, continued talk of outside investment is also inextricably linked with Lennon – a big name with big pull for potential foreign backers.

What damage his departure would do is entirely hypothetical, for now.

Leicester insist they do not have a manager “teed up” and so the torment for Whites fans could go on a little longer.

And bookmakers’ odds aside, Lennon does tick plenty of boxes in Leicester’s managerial chase.

The sacking of Pearson has not been met with much approval by the Foxes fans, regardless of the off-the-field issues which seem to have forced the decision.

It is reasoned locally that a popular figure like Lennon – who spent four years in the East Midlands as a player and featured in three League Cup finals, winning two – could be a welcome PR tonic.

Lennon’s right-hand man Garry Parker is another club favourite, having featured in the Foxes success under Martin O’Neill at the same time.

Lennon’s coaching methodology is not dissimilar to that of Pearson and the lure of managing in the Premier League – which the Northern Irishman has never sought to hide – would be difficult to turn down.

Although Lennon’s contract was never officially announced it was reported back in October by several sources as a three-year deal, meaning considerable compensation would be due if the Foxes made their move.

Had Lennon’s squad not suffered so badly for injuries in the New Year, and Wanderers’ upward trajectory continued as it had in his first few months, then perhaps the clamour to see him succeed Pearson would be more pronounced?

As it happened, Wanderers rather limped over the line last season and that took a little of the sheen off Lennon’s early work. But his stock remains high – this was, after all, the man who led Celtic to Champions League victory over Barcelona, three SPL titles and two Scottish Cups.

At this stage, Wanderers can do little but wait until they have something to which they can respond. But people close to Leicester have claimed that despite the squad reporting back for training on Monday, an appointment was not expected soon.

Lennon will take his squad to Austria on Sunday night to begin preparations for a busy pre-season and currently there is no reason to suggest there will be an empty seat on the flight back home on July 14.

Wanderers fans will hope this is simply another false alarm.