By Phil McNulty Chief football writer

Peter Reid is in pole position Photos of the main contenders

The departure of Terry Venables from Leeds United leaves the Elland Road managerial chair vacant again.

But what might have once been regarded as one of the Premiership's prime posts is now a poisoned chalice.

Former Sunderland boss Peter Reid has been handed caretaker control - so he will stake the first claim?

Halting footballing and financial meltdown awaits Venables' eventual permanent successor, who is likely to be appointed at the end of the season.

So who are the contenders to drag Leeds United back from the precipice?

Peter Reid (caretaker manager)

Reid will be ecstatic to get the opportunity to bounce back into the big-time after his Sunderland sacking.

He arrived on Wearside with a short-term brief to drag the club out of trouble, and stayed seven years.

It is a gamble by Leeds, but Reid will certainly have his men fired up for the remainder of the season.

And he will know if he does a good job the Leeds board need look nowhere else for their new manager.

Paul Hart (6-1 to take over)

Highly-respected Nottingham Forest manager has a dual attraction - he has proved he can manage on a shoestring and has strong Elland Road connections.

Hart has put Forest in the First Division play-off positions without any cash in the transfer coffers.

Forest are also regarded as the most attractive footballing side in the division and have built their success on youth.

Hart was a highly-successful youth coach at Leeds, bringing through a production line of talent.

He insists he is "not a hit and run person by nature" - and may need a lot of tempting to take on the task at troubled Leeds United.

Micky Adams (6-1)

Adams has transformed Leicester City's fortunes since succeeding Dave Bassett - and has also proved he can work within a tight budget.

He is an ambitious young manager who may see Leeds as exactly the right platform for his talents, having played at Elland Road between 1987 and 1989 before joining Southampton.

Adams has also enjoyed success at Fulham and Brighton - certainly he will be under consideration.

Martin O'Neill (8-1)

The relationship between Leeds and the charismatic Celtic boss has been one of the longest-running examples of unrequited love in football.

O'Neill has been courted twice by Leeds, before David O'Leary succeeded George Graham and before the appointment of Terry Venables.

He would be right at the top of the Leeds wish-list, but even bigger clubs may come calling if he decided to leave Parkhead.

O'Neill may also look at Leeds' current financial situation and decide the club needs to be given a very wide berth.

The dream appointment for a desperate Leeds board - but it may just stay exactly that.

Gordon Strachan (12-1)

The Scot was a title-winner at Elland Road and is a revered figure at the club.

Whether that would persuade him to manage the club is another matter.

Strachan has rebuilt his reputation brilliantly at Southampton after leaving Coventry City, where he suffered the humiliation of relegation from the Premiership.

He has transformed Southampton, led them to the FA Cup semi-finals, and the future looks good at St Mary's Stadium.

Not likely to see Leeds as an improvement on his current location.

David O'Leary (50-1)

Wild card. Very wild.

O'Leary made it clear only days before Venables' departure that he would never rule out a return to Elland Road - but this might just be too quick for him.

He is ready to return to the game, but it would need the swift disappearance of Leeds chairman Peter Ridsdale to facilitate any return for the Irishman.

O'Leary is associated with Leeds' recent heady days in Europe - and is also still highly-regarded by many supporters.

Highly unlikely, but nothing that happens at Leeds should be a surprise any more.