Reid had only been in charge of the Elland Road club for 22 league games after former England manager Terry Venables failed, he won just 6 and drawn four. Both mangers were knocked out of each of the Worthing and FA Cup's early on by Sheffield United when Europe was the only savior for the both after looking certain to go down like Sunderland.
Along with Warnock, Nottingham Forest's Paul Hart and caretaker manager at Leeds Eddie Gray are contenders, although Warnock is rated at 4/1 behind favourite Hart who is 5/4, with Gray 6/1. However bookies William Hill have thrown former Leeds star Gordon Strachan (8/1), Walter Smith (12/1), Gary McAlister (14/1), Baggies boss Gary Megson (16/1) along with John Gregory and former Spurs and England manager Glenn Hoddle as other contenders.
Vice Chairman of Sheffield United Terry Robinson told Blades official website: "The board's ongoing strategy has been to maintain a workable but sensible policy of player recruitment and development that puts Sheffield United clearly as a major contender for promotion without compromising its very existence.
"A central part of this policy has been the manager and his role in bringing in and motivating the players, and the board will do everything in its power to ensure the club remains on the same path to success.
"Continuity is important and Neil Warnock, assistant David Kelly and fitness coach Tony Daley only started two-year contracts this summer.
"We urge our supporters to remember that all the talk at the moment has been speculation and kite-flying generated solely by the media."