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.

The race is now on for one of the most coveted jobs in television with Clare Balding, currently in Brazil presenting Channel Fours Paralympic coverage, and Claudia Winkleman, who hosts BBCs 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 C4s 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.

Next GBBO presenter (Selected odds)

Tim Lovejoy and Simon Rimmer 12/1

Matt Baker 14/1

James Martin 14/1

Keith Lemon 16/1

Emma Willis 18/1

Ben Fogle 20/1

Dan Snow 20/1

Alan Carr and June Sarpong 25/1

Miranda Hart 33/1

Jeremy Clarkson 33/1

Ainsley Harriott 40/1

Vic Reeves and Bob Mortimer 40/1

Samantha Cameron and Sarah Brown 100/1

The Chuckle Brothers 500/1