Ladbrokes has Banville at 25/1 to take the gong.
The 4/1 favourite is Syrian poet Adonis, who won the Goethe prize -- Germany's major literary award -- earlier this year.
Banville, who won the Booker in 2005 with 'The Sea', was awarded the prestigious Franz Kafka Prize for his works in May.
An international award, the Kafka is often seen as a predictor of who will get the Nobel Prize.
But Banville himself is not banking on a win.
"I've never understood betting odds," he said.
"When 'The Book of Evidence' was shortlisted for the Booker in 1989, a friend of mine, a gentleman of the turf, urged me to bet on the other five shortlistees, saying it was a sure thing, since if I won the prize I would have the prize-money, and if I lost one of the others would win . . .
"But the thing baffled me and I never placed the bets. I doubt I'll be visiting Ladbrokes any time soon."