MacDonald, who played for City between 1989 and 1991, was given the role as caretaker manager when Martin O'Neill quit. He is the bookies joint favourite with USA National boss Bob Bradley, who has said that he would be interested in the job but had not spoken to Villa's American owner.
A number of former Sky Blues are amongst the betting for the job, you can get odds of 8/12-1 on Martin Jol, whilst Sam Allardyce is attracting odds of 33/40-1.
Former City defender David Jones is 25/50-1 with another former City defender Stuart Pearce at 66-1, the same price being quoted for Dion Dublin and Steve Staunton.
Former City boss Ron Atkinson is 100-1, whilst Betfair are offering odds of 109-1 on Gordon Strachan, 349-1 on Chris Coleman and 609-1 on Iain Dowie, getting the Villa Park job.