TBH I reckon Houllier will be announced on Monday.
Risk assesment by the board. Houllier is low risk and has experience and has won trophies. Playing style and signings are poor, but if it's security they are after 20-1 is worth a flutter imo.
of course Hughes would be awesome, or even Strachen, but Strachen may be too similar to Souness and might not even have applied. To safeguard the future of the club the board will probably pick Houllier.
Low risk = Houllier.