The odds on Culture Secretary Jeremy Hunt leaving office have been slashed from 50/1 to 5/1 by Ladbrokes following a day of sensational testimony at the Leveson Inquiry.
Paddy Power and William Hill have suspended betting.
Questioning James Murdoch into his former role at News International, QC Robert Jay revealed a number of meetings between News Corp representatives, including Murdoch, and various Government figures, including Vince Cable and Culture Secretary Hunt, during the company's bid for BSkyB.
In emails handed to the inquiry by News Corp, it was revealed that James Murdoch received daily updates from Hunt's office at the time when the MP was scrutinising the BSkyB bid, leaving Hunt facing questions over his impartiality in the process.
In one message Michel detailed what the Culture Secretary would say to Parliament the next day, noting that it was "absolutely illegal" for him to obtain the information.
Another email, dating from January last year, reported Hunt's belief that it would be "game over" for opponents of the BSkyB takeover once plans to spin off Sky News into a separately listed company were publicly announced.
"He said we would get there at the end, and he shared our objectives," Michel noted.
During the testimony, Jay alleged that Hunt’s “support” for News Corp’s bid for BskyB was quid pro quo for The Sun’s support of the Conservative Party during the general election.
According to BBC political correspondent Ross Hawkins, a source close to hunt said he is “not even considering resignation”.