Bets have been put on topics ranging from the title of his memoirs to which world leader will be the first to publicly praise him, said betting giant Paddy Power.

When it comes to the name of his unavoidable foray into the literary arena, the best odds are on "In My Own Words" at 4/1, making it the favorite title, followed by "Hard Labour" (6/1) and "My Legacy" (8/1).

More outside bets are on the less likely "The Blair Rich Project", "No Cash, No Honors!" and "Yo, Blair!“ the last a reference to US President George W. Bush remarks at last year's G8 summit in Saint Petersburg.

Even more risky wagers could be put on other potential titles such as "Poodle of Power", "Oil's Well That Ends Well" and "Being PM Means You Never Have To Say You’re Sorry".

A-listers dominate bets on praise-giving

The list of those rushing to praise Blair is headed by his old pal George. W, followed by Prime Minister John Howard of Australia, Stephen Harper of Canada and Chancellor Angela Merkel of Germany. Longer odds are on Iran's Ayatollah Ali Khamenei and Osama bin Laden both at a distinctly ungenerous 33/1.

Bookmakers are even offering odds on the color of Blair's tie when he makes the announcement. Unsurprisingly for the Red Rose party, red is odds on favorite at 2/1, while there have been a few enquiries into odds for a Stars and Stripes cravat.

As for what he might do next, a speaking tour of the United States is at 2/1, followed by publishing his memoirs and journalism.

But there are also odds on him going on tour with Ugly Rumours, the band he fronted as a long-haired student at Oxford University in his undergraduate days.

Brits bet that Blair will rock on

Gamblers might also want to take a few outside bets on Blair's rock band releasing a single by the end of the year. Potential cover versions worth a flutter could be: "Golden Brown" by the Stranglers (in homage to Blair's most likely successor), "Maggie May" by Rod Stewart (a nod to former PM and Blair's idol Margaret Thatcher) or a guitar-driven take on Frank Sinatra's "My Way."

For those who really like to speculate, a few pounds may be spread over a few less likely songs such as The Clash's "I'm So Bored With The USA", "Get Your Filthy Hands Off My Desert" by Pink Floyd and "Jilted John" by Jilted John (with the famous refrain "Gordon is a moron").

Given the sporty Blair's love of mixing with the general public, the bookies are also taking bets on whether the soon-to-be ex-prime minister will run the London Marathon at some point in his retiring years.

However, after showing no interest at all to previous mass gatherings on the streets of the capital, this may also be an outside wager.

Tony looking for a new team?

There are even odds on him becoming the next coach of his favorite English Premiership soccer team, Newcastle United, who are currently without a manager after the last incumbent, Glenn Roeder, resigned earlier this week.

However, rumors circulating in London suggest a safer bet would be on Blair taking over from Jose Mourinho at Chelsea, given the PM's fondness for exiled Russian oligarchs and dissidents.

DISCLAIMER: While some of these bets are the original ones announced by bookmaker Paddy Power, some are those made up by the author and do not reflect real bets or the opinion of Deutsche Welle as a whole.