Ladbrokes odds on next boss Stephen Elop 1/7 Alan Mulally 6/1 Satya Nadella 7/1 Tony Bates 10/1 Mike Lawrie 20/1 Sheryl Sandberg 25/1 Bill Gates 50/1
Mr Mulally, 68, was put in charge of Ford since 2006 after a 37-year career at Boeing, advised Mr Ballmer on the management shake-up Microsoft brought in this year.
Despite his lack of a background in the technology industry, he is seen as orchestrating two of the greatest turnarounds in corporate history.
Unlike General Motors and Chrysler, Ford avoided a US bailout in 2009, and under Mr Mulally has returned to profit and regained its place as the second-biggest US car manufacturer.
Microsoft is seen as needing a similar revival, having suffered from its late arrival to the smartphone and tablet markets. Sales of its Windows 8 software have also disappointed.
Mr Ballmer, who took over from Microsoft's founder Bill Gates in 2000, said he would step down within a year in August.
Who is in the running?
Image: Bloomberg Alan MulallyAge: 68Current position: Chief executive, Ford Past: Boeing
Image: Reuters Stephen ElopAge: 49 Current position: Head of devices and services, Nokia Past: Nokia, Microsoft, Adobe, Lotus
Image: Microsoft Tony Bates Age: 46 Current position: Head of business development, Microsoft Past: Skype, Cisco
Image: Microsoft Satya Nadella Age: 44 Current position: Head of cloud and enterprise, Microsoft Previous: Sun Microsystems
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