Martin O'Neill, 73, has been in caretaker charge of the Hoops for the last four games since Brendan Rodgers resigned just over a fortnight ago.
It has been reported that Nancy has become the club's primary target and bookmakers have responded by making the 48-year-old, odds-on favourite.
A William Hill spokesperson said: "There's been another major shift in the next permanent Celtic manager market, with Wilfried Nancy's price collapsing from 13/8 to as short as 1/5, as rumours suggest he could be heading to Parkhead.
"Nancy is now the hot favourite to take up the permanent position with the Hoops, but interim manager Martin O'Neill remains in the hunt for the role at 4/1.
"Kjetil Knutsen has been notably weak in the market, drifting from 2/1 to 9/2, while Kieran McKenna has also eased

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