Stiliyan Petrov has urged Paul Lambert to jump at the chance of the Celtic managerial job after insisting that his former Parkhead team-mate is “ready” to be a Hoops boss.

Lambert became the bookies favourite for the Celtic job yesterday afternoon after activating a clause in his Blackburn Rovers contract that will see him exit the troubled Lancashire club at the end of the season.

The former Celtic captain was inevitably coy on the link for the soon-to-be-vacant post at the Parkhead club – but Petrov has urged him to seize the opportunity, should it present itself.

“I’d think he’s ready,” said Petrov. “Obviously he had a tough spell at Villa with financial restrictions and having to cut the wage bill. Then he moved to Blackburn but I think Celtic would be completely different for him. When you become Celtic manager and demand better players I think it’s easier to work.”

Lambert, who underwent his UEFA coaching badges in Germany as he played out the final season of his playing career with Celtic, is understood to be wary of the off-field intensity that comes with the Hoops job, but may see it as a chance to restore his blemished CV after being sacked by Aston Villa before enduring a tough five month spell at Blackburn.

“The only connection I’ve got with Celtic is that I played eight great years there,” said Lambert. “It’s a fantastic club, a great club. I had some great moments up there and I’d like to think I gave them a hand in that. But as of this minute I’m back to square one and where I was when I left Aston Villa. But I want to get back into the football. “

Meanwhile, former Celtic manager and current Republic of Ireland manager Martin O’Neill, could also come into the mix after hinting that he could be available after this summer’s European Championships. Roy Keane, O’Neill’s assistant, has clarified that he will seek to return to club football following the tournament and the former Manchester United captain remains firmly on the radar of Celtic, with majority shareholder Dermot Desmond a significant supporter.

O’Neill has been linked with a return to Nottingham Forest, a club with whom he won the European Cup as a player, and he has yet to sign an extension to his current FAI contract.

“These contractual conversations take place on almost a daily basis,” said O’Neill. “I have good relationship with John [Delaney, FAI chief executive], I hope he would echo that but I think I get on pretty well with him and I’m not that easy to get on with. Overall we’re fine and we know where we’re going. There’s no update but I don’t think it’s wildly important.

“When John took me on board a couple of years ago we did it without having to worry about signatures on such things, so I think that John and I pretty comfortable with things at the moment.”