Bookmakers have slashed the odds on David Beckham being knighted by the end of the year following the midfielder's decision to retire from football.

The 38-year-old announced plans to hang up his boots yesterday following an illustrious career with Manchester United, Real Madrid, Los Angeles Galaxy and Paris Saint-Germain.

Bookies William Hill have slashed the price from 5/2 to 5/4 on Beckham becoming a 'Sir' before the year is out, while they have offered 16/1 on the former England captain being given a peerage by the end of 2015.

"Lord Becks of Leytonstone has quite a ring to it and should he be made a Sir soon, then given the good work that he has done for charity and sport in the UK, it is not completely out of the question that he will be admitted to the highest echelons of UK politics," said William Hill spokesman Joe Crilly.

Odds are currently at 100/1 for Beckham to become an MP in two years' time.