Paddy Power has placed the villain, played by John Altman, at 2/1 to return following the news that Letitia Dean will soon reprise her role as Sharon Watts.
Nasty Nick left Albert Square explosively in 2009, after holding Walford residents hostage in Ian Beale's café.
Actor Altman, who has appeared on a recurring basis since the show's first episode in 1985, returned in 2008 after a seven-year break.
EastEnders stalwart June Brown, Nick's 'Ma' Dot, had led a five-year-long campaign to persuade producers to revive the character.
Meanwhile, Sonia Fowler (Natalie Cassidy) and Sam Mitchell (Danniella Westbrook) are set at 5/1, while 'Little Mo' Mitchell is at 10/1 (Kacey Ainsworth) and Ronnie Mitchell (Samantha Womack) has odds of 12/1.
Bionic Woman star Michelle Ryan is 16/1 to return as Zoe Slater, while dopey barman Lofty Holloway (Tom Watt) is an outsider at 40/1. Den Watts's old poodle Roly can be backed at 100/1.
Scroll through a gallery of Nick Cotton's time in EastEnders below: