Newcastle United's search for a manager continues after Rafa Bentiez's imminent departure from St James' Park was confirmed on Monday.

The former Real Madrid and Liverpool boss will leave the Magpies when his contract expires on Sunday, having been unable to agree a new deal with owner Mike Ashley.

That means the North-East club will be looking for a new manager after Bentiez's three-year stay on Tyneside ends, the Spaniard having guided the club back into the Premier League and kept them in the top flight on a limited budget.

Newcastle finished 13th last season, buoyed by a late-season run of one defeat in their final five matches, a run that began with a 1-0 win over Leicester City on April 12.

A statement from the club read: "It is with disappointment that we announce manager Rafael Benítez will leave Newcastle United upon the expiry of his contract on 30th June 2019.

"We have worked hard to extend Rafa’s contract over a significant period of time, however it has not been - and will not be - possible to reach an agreement with Rafa and his representatives.

"Rafa’s coaching staff, Paco de Miguel Moreno, Antonio Gomez Perez and Mikel Antia, will also leave the club on 30th June.

"We would like to thank Rafa and his coaching team for their efforts over the last three years and their significant contribution to what has been collectively achieved.

Rafa Benitez applauds the Newcastle fans after his side's 1-0 win over Leicester City
Rafa Benitez applauds the Newcastle fans after his side's 1-0 win over Leicester City

"We would also like to thank our supporters, players and staff for their patience during a period of uncertainty.

"The process to appoint a successor will now begin."

The bookmakers have installed four former Foxes bosses in the running to take over from Benitez by the time the Magpies kick off their season on August 11 against Arsenal.

Claudio Ranieri is the favourite with some bookmakers, 888Sport and UniBet listing him at evens, while one-time caretaker Michael Appleton also gets a shout, priced at 33/1 with SkyBet.

Nigel Pearson, who left City in 2015 and is currently out of work after stints with Derby County and OH Leuven in Belgium, is 50/1 with Ladbrokes.

Claude Puel, sacked by the Foxes in February to make way for current incumbent Brendan Rodgers, is 11/1 with Unibet.

Manchester City assistant and former Everton and Arsenal playmaker Mikel Arteta is believed to be among the running, while Garry Monk and Burnley boss Sean Dyche are fancied by the bookies.

Ranieri has been backed by former Newcastle forward Tommy Cassidy to take the role.

Rafael Benitez embraces Claudio Ranieri

Talking to Love Sport Radio, Cassidy, who made 180 appearances for United in a ten-year stint at the club in the 1970s, said he thinks Ranieri "could do a good job" with the Magpies.

Ranieri returned to English football following his 2017 departure from City, who he guided to the Premier League title the previous year, with relegated Fulham in November.

He was sacked in February and linked up with Roma for their final 12 matches before departing in May.