BBC presenters Clare Balding, Claudia Winkleman and Channel 4 duo Tim Lovejoy and Simon Rimmer are favourites to become the new hosts of the Great British Bake Off once it moves to Channel Four.

The hit cookery show is switching broadcaster after the BBC baulked at the reported £25m ($33m) production company Love Productions wanted for the next season. The corporation was willing to pay £15m to keep the show, whose finale last year was the most watched TV programme with 15.1 million viewers.

Presenters Sue Perkins and Mel Giedroyc, who have welcomed Bake Off audiences since 2010, announced on Tuesday (13 September) they would not appear on the Channel Four version while it is not yet known if judges Paul Hollywood and Mary Berry will continue in their roles.

Mel Giedroyc and Sue Perkins
Mel Giedroyc and Sue Perkins will not make the move to Channel Four

The race is now on for one of the most coveted jobs in television with Clare Balding, currently in Brazil presenting Channel Four's Paralympic coverage, and Claudia Winkleman, who hosts BBC's Strictly Come Dancing, joint favourites at 12/1 to take over, according to bookmakers Paddy Power.

At 12/1, long-term TV partners Tim Lovejoy and chef Simon Rimmer, who host C4's Sunday Brunch, have the same odds as well as Sandi Toksvig and Victoria Coren Mitchell, whose brother Giles Coren (20/1) and husband David Mitchell (50/1) are also on the list.

TV chef James Martin is 14/1, the same as Jo Brand, who hosts the GBBO spin-off An Extra Slice. Mylene Klass is 18/1 and Richard and Judy are 20/1.

An unlikely team of former prime ministers' wives in the shape of Samantha Cameron, who was on the event celebrity edition of the show, and Sarah Brown is 100/1.

Claudia Winkleman
Claudia Winkleman is joint favourite to take over as presenter of the Great British Bake Off Danny Martindale/Getty