Alt-J are currently odds on favourite to pick up the award for their album An Awesome Wave, which is currently listed at 4/6, while Florence Welch's Ceremonials is fourth at 12/1.
Elsewhere, Paddy Power puts Bright Light Bright Light as second favourite on 6/1 with Make Me Believe in Hope, Django Django's eponymous LP in fifth.
Emeli Sandé's debut record Our Version of Events is at 16/1 to win, and Coldplay's Mylo Xyloto is on odds of 20/1, as is Jessie Ware's Devotion.
Further down the list, Lianne La Havas's Is Your Love Big Enough? and Ed Sheeran's '+' are at 25/1, Labrinth's Electronic Earth is on chances of 50/1, and Marina and the Diamonds' Electra Heart is 100/1 favourite.
The Barclaycard Mercury Prize will take place on November 1 at London's Roundhouse, with nominations announced on September 12.
The latest Paddy Power odds are listed in full below:
Alt-J (An Awesome Wave) 4/6
Bright Light Bright Light (Make Me Believe In Hope) 6/1
Sweet Billy Pilgrim (Crown and Treaty) 12/1
Florence + the Machine (Ceremonials) 12/1
Django Django (Django Django) 12/1
Richard Hawley (Standing At The Sky's Edge) 12/1
The Maccabees (Given To The Wild) 12/1
Emeli Sande (Our Version Of Events) 16/1
Portico Quartet (Portico Quartet) 16/1
Hot Chip (In Our Heads) 16/1
Coldplay (Mylo Xyloto) 20/1
Kate Bush (50 Words For Snow) 20/1
Michael Kiwanuka (Home Again) 20/1
Rumer (Boys Don't Cry) 20/1
Jessie Ware (Devotion) 20/1
Bombay Bicycle Club (A Different Kind Of Fix) 20/1
Rustie (Glass Swords) 20/1
Pulled Apart By Horses (Tough Love) 25/1
June Tabor & Oysterband (Ragged Kingdom) 25/1
Lianne La Havas (Is Your Love Big Enough) 25/1
Spiritualized (Sweet Heart Sweet Light) 25/1
Ed Sheeran (+) 25/1
Orbital (Wonky) 25/1
Kindness (World, You Need A Change Of Mind) 25/1
Laura Marling (A Creature I Don't Know) 25/1
Graham Coxon (A+E) 33/1
Dry the River (Shallow Bed) 33/1
Tindersticks (The Something Rain) 40/1
Neneh Cherry & The Thing (The Cherry Thing) 50/1
Labrinth (Electronic Earth) 50/1
The 2 Bears (Be Strong) 50/1
Maverick Sabre (Lonely Are The Brave) 50/1
Rizzle Kicks (Stereo Typical) 80/1
Marina and the Diamonds (Electra Heart) 100/1
The Ting Tings (Songs From Nowheresville) 150/1