And the job appears to be one which no one wants.

Yesterday, Portsmouth manager Harry Redknapp insisted he is 'happy down on the south coast', after being made the bookmakers' favourite to succeed Allardyce.

Former Newcastle and England striker Alan Shearer has long been touted as a future manager of the north-east club.

But the BBC said Shearer wanted to continue in his role as a pundit on their 'Match of the Day' football programme.

Redknapp, who has long wanted a job at a big club, is a known miracle worker at struggling teams.

But whether Newcastle fans, who are unhappy with Allardyce's ugly football approach, will take to Redknapp's similar style is unclear.

But the former West Ham manager has guided Pompey to eighth place in the Premier League, three positions above Newcastle. And in November, his team won 4-1 at Newcastle.

Redknapp, whosigned a contract extension until 2011 three months ago, told The News in Portsmouth: 'I really do not know anything about this.

'I have not spoken to anyone from Newcastle. I had an offer not so long ago to take over at what I consider a massive club, but I didn't go.

'I am happy down on the south coast.'

Former Tottenham vice-chairman Paul Kemsley, a friend of Newcastle owner Mike Ashley, has said the fact that Allardyce was appointed by previous Newcastle chairman Freddy Shepherd had been a key factor in his exit.

Worse, Allardyce had spent £26 million on nine players, many of whom have yet to make an impression.

These include Joey Barton, Jose Enrique, Claudio Cacapa and Alan Smith.

Ashley was reluctant to give Allardyce more money to spend during this month's transfer window.

'Mike has put £250 million into the club and is about to invest more, no doubt, in the transfer window.

'And I suspect he wants to invest that in his own man and his own team,' Kemsley told the BBC.

He added that Ashley did not bow to pressure from fans, saying: 'I know Mike well enough to know that he doesn't make decisions rashly.'

Allardyce took charge of Newcastle on May 15. He won eight, drew six and lost 10 of his 24 games after replacing Glenn Roeder.

But three straight league defeats and last weekend's 0-0 FA Cup draw with Championship side Stoke City was the final straw for Newcastle.

First-team coach Nigel Pearson will take charge for tomorrow's game away to champions Manchester United.

AGENCE FRANCE-PRESSE