Mick McCarthy and Dave Jones in Owls link

Former Wolves managers Dave Jones and Mick McCarthy were today installed as favourites to take over at Sheffield Wednesday after Gary Megson's shock sacking.

Former Wolves managers Dave Jones and Mick McCarthy were today installed as favourites to take over at Sheffield Wednesday after Gary Megson's shock sacking.

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Jones was 1/2 favourite with bookmakers today after reports from Yorkshire claimed he had already met with Wednesday chairman Milan Mandaric.

McCarthy, who was sacked by Wolves last month, was 2/1 second favourite with ex-Wolves captain Paul Ince fourth at 12/1 behind former Huddersfield boss Lee Clark (7/2).

Former Albion boss Megson was sacked last night despite the Owls being third in League One and having won Sunday's Sheffield derby 1-0.

Mandaric said: "I believe we have a better chance of achieving our key aim of promotion by making the change.

"I fully understand this may not be the most popular decision amongst our supporters but I ask them to trust me, as they have done so whole-heartedly during the time I have been at the club.

"Whilst we won what was a huge game last Sunday, I have looked at results before that to reach the conclusion which I believe is the right one for now and the future of Sheffield Wednesday."

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