The U’s are looking for a new boss having parted ways with Matthew Etherington on New Year’s Day. He lost his job following a 1-0 defeat to Gillingham, which extended the club’s dismal run of form.

Cowley has been installed as the favourite to take the reins, exactly a year to the day since he was dismissed by Portsmouth. He has been linked with a number of vacancies since his last tenure ended and admitted to turning down the Bantams job after Mark Hughes was sacked.

Bradford later turned to Graham Alexander, who has overseen some improvement at Valley Parade in recent weeks.

Danny Cowley has previously led the likes of Huddersfield Town and Portsmouth. Image: George Wood/Getty Images

BetVictor have priced Cowley at 2/1 to land the Colchester gig, putting him ahead of former Cambridge United Mark Bonner at 4/1.

He has leapfrogged former Championship star Wade Elliott in the list of favourites, after the ex-Birmingham City star was made an early favourite.

Whoever does fill the Colchester vacancy will face a stern challenge, as the club sit 22nd in the League Two table. They are just five points above the relegation zone.

Ex-Huddersfield Town and Portsmouth boss made favourite to take charge of Bradford City's rivals