The baking competition is set to re-launch on Channel 4 later this year, after it was poached from BBC One.
Former presenters Mel and Sue opted not move with the show to it’s new home, and Channel 4 have been searching for a replacement host ever since.
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Sandi Toksvig
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Now bookies have slashed the odds of Sandi taking the reins from 12/1 to 5/1 following a large number of bets.
She is now joint favourite to present the show, alongside actor and comedian Richard Ayoade.
William Hill spokesman Rupert Adams said: “Sandi is the new joint favourite and it takes a decent number of bets to move the market that much.”
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Richard Ayoade has also been linked to the show.
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Both Sandi and Richard are regulars on Channel 4. Sandie hosts the daytime quiz show ‘Fifteen To One’, and Richard fronts his own travel show ‘Travel Man’, as well as putting in regular appearances on a host of other shows on the channel.
The current frontrunner, restaurateur and food critic Prue Leith, has revealed she has had several meetings with Channel 4, and made no secret of the fact that she’d love to be a part of the programme.
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Prue Leith is rumoured to bereplacing Mary Berry as a judge
We have contacted Sandi Toksvig’s rep for comment.
10 Possible Choices To Replace Mel And Sue On 'Great British Bake Off'
Jo Brand(01 of10)
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The obvious choice - Jo fits in well with the 'Bake Off' brand (IF YOU'LL PARDON THE PUN) having hosted spin-off show extra slice for the past three years.
She was also named the bookies' favourite, more or less as soon as Mel and Sue announced they were stepping down. (credit:Barcroft Media via Getty Images)
Davina McCall(02 of10)
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Channel 4 and Davina go way back, with 'Big Brother', 'The Million Pound Drop' and 'The Jump' all among the projects she's worked with on C4 in the past.
On Twitter, hers is the name we keep seeing crop up time and time again, either from people crying out for her to get the job, or pleading with Channel 4 not to give it to her. (credit:Mike Marsland via Getty Images)
Alan Carr(03 of10)
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Another of Channel 4's go-tos, Alan at the helm of 'Bake Off' would be a complete change in direction for the show, with his energy and buoyant enthusiasm contrasting heavily with Mel and Sue's more subdued and laidback approach to presenting. (credit:Dave J Hogan via Getty Images)
Nadiya Hussain and Tamal Ray(04 of10)
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Reigning champ Nadiya has already forged a successful career as a TV personality for herself, and it didn't even take her a year after she won, so putting her in charge might seem like a natural progression.
In our opinion, it would be a bit too obvious, though, but we'd definitely be in favour of her forming a new double act with runner-up Tamal, with whom she got along like a house on fire in their days on 'GBBO'. (credit:BBC)
John Whaite(05 of10)
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That said, John Whaite has always held a special place in 'Bake Off' fans' hearts since his victory in the third season.
Like Nadiya, he too has managed to bag himself a career in TV, so we wouldn't be surprised if the offer fell at his feet either. (credit:Steve MeddleITVRexShutterstock)
Olly Murs and Caroline Flack(06 of10)
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'Ready... set... BAKE... no wait... erm... not yet, don't bake yet. OH WAIT. No, do bake. So yeah... bake. Sorry about that.' (credit:Doug Peters/Doug Peters)
Julian Clary(07 of10)
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He might seem like a bit of a left-of-field choice for the gig, but when you think about it, he's a perfect fit for 'Bake Off'.
Julian is the undisputed king of innuendo, and his soft-spoken style lends itself perfectly to the 'Bake Off' tent.
He's also become a dab hand at light entertainment since his 'CBB' days, appearing on the panel of 'Your Face Sounds Familiar', as well as fronting 'Nature Nuts' and appearing on 'Give A Dog A Home'. (credit:Roberto Ricciuti via Getty Images)
Geri Horner(08 of10)
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Anyone who's been keeping an eye on Geri's Instagram page will know she's become a baking devotee since her winning stint on celebrity 'Bake Off', and this video of her interviewing Avril Lavigne proves she's certainly got a unique interviewing style.
Another star whose name has repeatedly been cropping up.
Emma must be so stressed out interviewing the stars of 'Celebrity Big Brother' twice a year that we'd be quite happy for her to land a presenting gig that's a bit more... calming. (credit:Karwai Tang via Getty Images)
Phillip Schofield and Holly Willoughby(10 of10)
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OH BUT DON'T YOU SEE? They aren't doing it. And they felt the need to tell us this in one the least funny celebrity 'pranks' in recent memory, at the height of 'Bake Off' mania. (credit:Stuart C. Wilson via Getty Images)