The Bantams sacked Derek Adams last week and have appointed Mark Trueman on a temporary basis.
However, Wellens, who was dismissed by Rovers earlier this season, has been installed as the new favourite by the bookmakers.
The former Leicester City, Doncaster Rovers and Blackpool midfielder - who was in the academy at Manchester United - began his managerial career at Oldham and has also been in charge at Swindon Town and Salford City.
He won just six of 26 games in charge at Doncaster this campaign while he had a 42 per cent win ratio during his two-year spell at Swindon - his best return as a manager.
Wellens was odds-on for a brief period on Tuesday evening but the bookies have now made him 2/1 to be appointed at Valley Parade.
Latest Bradford City manager odds, via BetVictor, as of February 23:
Richie Wellens 2/1
Steve Evans 4/1
Pete Wild 4/1
Darren Ferguson 8/1
Robbie Fowler 10/1
Jonathan Woodgate 14/1
Mark Trueman 20/1