Bookies: 1:4 Odds Nokia CEO Stephen Elop is Next Microsoft CEO

Microsoft's board of directors has plenty of time to take on the candidate search for a new CEO to replace departing executive Steve Ballmer. However, it's likely that the replacement will arrive in anywhere from four to six months – the internal timetable that board members are allegedly working with to pick Ballmer's successor.

The bigger question, of course, is just who the board might tap for the post. It's a question that's sure to dominate the tech landscape for the next many months, given the relatively large pressure that's sure to be placed on the new CEO in regards to Microsoft's strategic ambitions (and stock price) going forward.

That's not to say that tech pundits will be the only ones getting in on the speculation, however. Bookies are also weighing in on who might end up filling Ballmer's shoes. And currently, Nokia CEO Stephen Elop is leading the pack with 1:4 odds over at the British-based Ladbrokes online betting service.

Better yet – for Elop – his odds have even increased fairly dramatically from 5:1 a week or so ago. For those unfamiliar with betting terms, that means that plopping down a cool $100 on Elop to take the Microsoft throne last week would net you $500 if he was the new rightful heir. Now, however, a $100 bet will only get you a mere $25 – not the best of situations for those looking to make a fortune on Microsoft's new overlord.

According to a report by Computerworld's Gregg Keizer, the rather obvious news that catapulted Elop into front-runner status was Microsoft's announcement earlier this week that it's planning to acquire Nokia. If (or when) the deal passes regulatory and shareholder approval, the move will make Elop an executive vice president for Devices at Microsoft. To some, this would appear to place him in a perfect position to rise to Microsoft's top.

Additionally, it seems highly unlikely that the Nokia CEO would be willing to take a step down in title as a result of the acquisition. It's this reason why a number of industry-watchers and pundits are all similarly guessing that Elop is probably going to be picked for the CEO post. Or, at least, that he has the best chances so far.

Other candidates on Ladbrokes' betting list are fairly formidable in their own rights, however. In second place on sits Facebook COO Sheryl Sandberg with 7:1 odds. Departed Microsoft executive Steven Sinofsky, formerly president of Microsoft's Windows division, takes up third with 12:1 odds that he'll be the new CEO.