The Hammers, relegated from the Barclays Premier League two weeks ago, are expected to name Avram Grant's successor this weekend.
But if money talks, then the name being shouted is that of the former Bolton Wanderers, Newcastle United and Blackburn Rovers boss.
Two's company: Joint chairmen David Sullivan (right) and David Gold (left) ponder their next move
At 4pm on Friday, Chandler's PR chief Charlie McCann admitted: 'We cut Allardyce from 9-4 to 8-11 and then to 4-7 before we cried enough.
'Allardyce has long been touted as a potential West Ham manager. The rush on Allardyce in the last half an hour has been spectacular and it would appear informed.'
On Thursday night, West Ham co-chairman David Sullivan revealed that TWO candidates had been offered the vacant position.
Heavy favourite: Allardyce punt has bookies running for cover
Sullivan, speaking at the inaugural Supporters' Advisory Board meeting at the Boleyn Ground, is understood to have told the audience that one manager had rejected the chance to succeed sacked Grant, whilst another was set to give his answer within the next 24 hours.
And it seems that Allardyce may have indeed accepted to take over at Upton Park.
Sullivan was also said to have admitted that he expected the offer - a reported ?50,000 per week contract plus a ?1million-plus bonus for achieving promotion to the Barclays Premier League - to be refused once again.
Despite speculation that unsettled Nottingham Forest manager Billy Davies has been approached, Chandler made him 6-1 fourth favourite on Friday morning, with ex-Blackburn boss Sam Allardyce the 9-4 favourite. But his price continued to tumble throughout the day.
Former Newcastle manager Chris Hughton and Martin O'Neill, who reached a settlement with Aston Villa earlier this week, were also to the fore in the betting.
Cardiff boss Dave Jones, however, is thought to a front-running candidate with his future at Cardiff in limbo.
Sullivan,assisted at the meeting by vice-chair Karren Brady, admitted he and co-owner David Gold offered the job to an applicant earlier this week and expected an answer from them on Friday morning. Nonames were revealed, but Sullivan intimated that both candidates were British, and both possessed experience of managing in the Premier Leagueor in the Championship.
Sullivan said: 'The selection of the manager is of critical importance. We are spending a lot of time on it but we have a little bit of time to make a decision.
'As you go down the list there are pros and cons with a lot of people and we are looking for someone with a proven track record in the Championship or higher or in the Premier League who wants to come to us.'
According to one insider, the Hammers are pessimistic about the chances of the individual accepting the job and Sullivan's 'gut feeling' was that they would 'turn down the job because of a particular issue' that was 'unrelated to West Ham'.
On the drift: Dave Jones (left) and Roberto Di Matteo (right) were touted as possible front-runners for the job
Caretaker boss Kevin Keen, who took charge of West Ham's final game of the season - a 3-0 home defeat by Sunderland - has at least one player's backing to keep the job.
Defender James Tomkins said: 'Kevin has been excellent for us. He is one person that you can say has been positive throughout the year. All the lads respect him and I have worked with him for a long time now.
'I personally think he would be brilliant for the job. Who knows who will get it, but he is a good manager and we all respect him.'
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Explore more:People: Martin O'Neill, James Tomkins, Karren Brady, Chris Hughton, David Gold, Roberto Di Matteo, Sam Allardyce, Billy Davies, David Sullivan Places: Newcastle