The former Brookside actress, who was victorious on Gordon Ramsay's Hell's Kitchen in 2004, is aiming to claim her second reality show crown when she takes to the ice for the first time this weekend.
Punters can back Ellison at 7/2 with Ladbrokes. A rep for the bookmakers said: "Ellison looks to have the perfect profile to be an Ice Queen."
Emmerdale's Matthew Wolfenden is 4/1 to steal victory, while Olympic skier Chemmy Alcott also has short odds of 9/2.
Sugababes star Heidi Range (6/1),Blue Peter's Andy Akinwolere (8/1) and freerunner Sébastien Foucan (12/1) are also picking up early support.
Dallas actress Charlene Tilton (40/1) and EastEnders star Laila Morse (50/1) are the long-shot outsiders.
Dancing on Ice 2012 launches Sunday (January 8) at 6.30pm on ITV1.
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View a gallery of this year's contestants below: