Newcastle's promotion price has been slashed following Rafa Benitez's decision to stay on as manager, with Football League sponsors Sky Bet making them odds-on to bounce straight back.
Sky sources understand that a three-year deal has been agreed between the relegated Magpies and the Spaniard, who boasts 11 trophies including the Champions League from his illustrious managerial career.
Benitez's St James' Park stay has cranked up expectations for Newcastle, with Sky Bet trimming their title odds from 9/2 to 5/2 and cutting them from 11/10 to 4/5 to make an immediate return by any means.
The bookmaker reports that no club has ever been such short odds to win the division and Benitez certainly has an expensively-constructed squad at his disposal.
The club spent close to £75m in the last two transfer windows, including spending £12m apiece on Jonjo Shelvey and Andros Townsend in January.
Newcastle were in fact the last side to win the Championship after starting the season as favourites, with Burnley defying odds of 14/1 to triumph last time out.
Sky Bet's Dale Tempest said: "I'm not sure we've seen a market move so much without a ball being kicked, with punters clearly convinced that Benitez is the man to turn Newcastle's fortunes around.
"We've also priced up various Newcastle specials on request, including 14/1 on them racking up over 100 points, which they managed last time they were in the second tier."