The former Bolton defender shot to favourite for the vacant job at the University of Bolton Stadium last night, with his price slashed from 25/1 to 5/2 with bookmakers.
Bolton will be playing League Two football next season after relegation in the 2019/20 campaign, which was brought to an early conclusion due to the Covid-19 outbreak.
Former boss Keith Hill left last week upon the expiry of his short-term contract after failing to keep the Trotters in the third tier. Bolton finished bottom after starting the season with a 12-point deduction due to entering administration.
Bolton were taken over by Football Ventures (Whites) Ltd last summer.
Ricketts, who signed a two-and-half year contract in December 2018, would be stepping down a division to leave Montgomery Waters Meadow take the hotseat at the club he represented in the Premier League for three seasons. He made 113 appearances in four seasons for Bolton.
But it is understood, despite the shift in odds, Shrewsbury have had no contact from the relegated League One club and Ricketts was yesterday working on Town’s pre-season plans.
The 38-year-old former Wales international, who started his managerial career with Wrexham, has guided Shrewsbury to 18th and 15th-placed finishes in League One, the latter the second-best the club achieved in three decades.
Ex-Wolves and Telford stopper Ricketts has also taken Shrewsbury to back-to-back FA Cup fourth round ties against Premier League opposition, forcing replays on both occasions.
Bolton have also been linked with Barrow manager Ian Evatt, who guided the Cumbrian side to the top of the National League. Nigel Clough and Gary Bowyer have also been mentioned, as have Dean Holden and another former Wanderers favourite Kevin Nolan.
It is reported that Wanderers are thought to be willing to pay compensation to land the right manager.