Los Angeles Lakers fired head coach Frank Vogel on Monday after missing out on the NBA post-season.
Western Conference top seeds Phoenix Suns are 11/4 to win the NBA Championship outright and second seeds Memphis Grizzlies can be backed at 13/1.
Vogel was in charge of the team for three seasons and led the Lakers to the championship in 2020.
The Lakers were rated among the favourites for the title going into the current season after bringing in Russell Westbrook to form a big three with LeBron James and Anthony Davis.
However, the LA outfit saw their campaign disrupted by injury issues and Westbrook, James and Davis were only able to play 21 games together.
The Lakers finished the season in 11th place in the West with a 33-49 overall record as they failed to qualify for the play-in tournament, and the franchise have decided a change in coach is required.
"I have a tremendous amount of respect for Frank both on and off the court," said Lakers vice president of basketball operations and general manager Rob Pelinka in a statement.
"Frank is a great coach and a good man. We will forever be grateful to him for his work in guiding us to the 2019-20 NBA championship."
"This is an incredibly difficult decision to make, but one we feel is necessary at this point. All of us here wish Frank and his wonderful family all the best for the future."
It is understood that the Lakers have not dismissed any of Vogel's coaching staff as yet, but further changes may happen when they do hire a new coach for next season.