Creed's work features lights going on and off

Nelson's work contains a plastic cactus, mirrors, doors and old tabloid newspapers with declarations of war, an array of army helmets and scrawled graffiti-like comments including "failed Marxist" and "this is crap".

Art critics too have long hinted that Londoner Nelson was the most likely winner since the shortlist for the Turner Prize was announced in May.

Simon Wilson, communications curator at the Tate Britain praised Nelson's work.

"It is a work of art because it is an imaginative reconstruction of reality."

Lights

Vying with Nelson are fellow installation artist Martin Creed, photographer Richard Billingham and film-maker Isaac Julien.

William Hill added that this year's competition was attracting as many bets as in 1999.

Julien: Formerly made conventional films and documentaries

Second favourite to win with odds of 11 to 4 is Julien for his video featuring gay cowboys.

Julien's films are explore questions of race and masculinity and often work to undermine stereotypes.

Third favourite - and this year's most controversial artist - is Martin Creed. His odds stand at 7 to 2 for his installation, The Lights Going On and Off.

As the name suggests, the work centres around an empty gallery with a pair of flashing lights.

Madonna

Richard Billingham, best-known for his photographic portraits of his family, is shortlisted for his landscape photographs and two video projections, Tony Smoking Backwards and Ray in Bed, Untitled Triptych.

Billingham: Known for his portrayals of his family

On top of the usual media interest in the prize, the fact that Madonna is to present it has generated even more attention.

The pop star, whose love of art is well-known, agreed to lend a work to Tate Modern in April.

She loaned the gallery Self-Portrait with Monkey, by the Mexican artist Frida Kahlo, for the surrealist exhibition Surrealism: Desire Unbound, which is running until 1 January 2002.

The winner of the Turner Prize will be announced at Tate Britain during a live broadcast by Channel 4.

The show at Tate Britain runs until 20 January 2002.