After parting ways with their boss yesterday afternoon, eight names are already 10/1 or shorter for the Villa job, but it's Smith who leads the way at 2/1.
Smith is currently in charge of fellow Championship side Brentford, who are sixth in the table - seven places above Aston Villa.
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The 47-year-old has also managed Walsall, where he spent four years between 2011 and 2015. Elsewhere, Thierry Henry is joint-second favourite at 4/1, while John Terry is currently 7/1 to replace his former manager.
Terry spent last season at Villa and captained them to the Championship play-off, where they lost 1-0 to Fulham.
It was reported in the summer that Henry had agreed a deal to take over from Bruce, however, nothing came of the rumours.
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Alex Apati of Ladbrokes said: "Dean Smith ticks a lot of boxes and at this stage, he's the most popular pick with punters to replace Bruce."