Sydney, Oct 14 (IANS): Melbourne Victory's coach Ange Postecoglou is favourite for the vacant Socceroos coaching job with Football Federation Australia (FFA) on a tight budget.

Coach Holger Osieck was sacked just hours after the Socceroos' embarrassing 0-6 loss to France Saturday.

As a stop gap arrangement, the Australian team will be coached by assistant Aurelio Vidmar against Canada in the upcoming friendly Wednesday morning, reports Xinhua.

The FFA is placing $1.42 million on the table for eight months at the helm of the Socceroos with no guarantee of a contract beyond the 2014 World Cup in Brazil, according to the Australian Broadcasting Corporation (ABC).

The package has spooked some of the top overseas contenders.

Postecoglou is ranked ahead of fellow local contenders Graham Arnold and Tony Popovic by FFA.

The FFA is tightening its purse strings as it seeks a new naming-rights sponsor for the Socceroos after the long-standing deal with Qantas expired in July.