Crystal Palace are set to announce Malky Mackay as their new manager, it is being reported.

The Daily Mirror are reporting Palace have decided to replace Tony Pulis with the former Watford and Cardiff City manager.

Ex-Tottenham Hotspur boss Tim Sherwood was odds-on favourite yesterday morning but the Mirror are this afternoon stating Berkhamsted-based Mackay will be appointed.

Mackay started his managerial career at Watford and performed admirably under very difficult circumstances, as the club sold most of their leading lights to balance the books.

He decided to leave the then Laurence Bassini-led Watford for Cardiff in the summer of 2011.

In his first season Cardiff reached the play-offs and in the second campaign secured the Championship title and LMA Manager of the Year award.

The 42-year-old was controversially sacked on December 27 in City's first season in the Premier League, with the club one point above the relegation zone. Cardiff, then managed by Ole Gunnar Solskjaer, were relegated back to the Championship this summer.