With his odds slashed from 1/3 to 1/6, he overtakes the previous hottest favourite, Phil Tufnell, who was the 1/4 red-hot tip to become King of the Jungle.
Ladbrokes spokesman Warren Lush said: "Joe is unstoppable, punters are piling as much money as they can on him to win, believing he is almost certain to triumph. We are resigned to the fact that we'll be paying out on him soon. He is a man who gets on every bookmakers' nerves."
After comedian Reeves became the second contestant to get voted off 'I'm a Celebrity...' Antonio Fargas, aka 'Starsky and Hutch' character Huggy Bear, is the hot favourite to go next.
"Huggy is favourite to go next, though it's likely to be too close to call between him and Sheila, especially if he delivers food to the hungry camp after a successful bushtucker trial," said Lush.
Reeves, who was one of the original favourites to win the ITV show, went a day after his wife Nancy Sorrell got the boot. Reeves, going by his real name Jim Moir, was odds-on favourite to win the show when he first entered the jungle as a surprise contestant last week.
Ladbrokes is offering 10/1 that Reeves and Sorrell have a baby boy in 2005 and call it Ant, Dec, Fran or Hogan.
Who will win?
1/6 from 1/3 Joe Pasquale
6/1 Janet Street-Porter
6/1 Paul Burrell
16/1 Sophie Anderton
25/1 Fran Cosgrave
50/1 Antonio Fargas
50/1 Sheila Ferguson
Eviction odds - who will go next?
4/5 Antonio Fargas
5/4 Sheila Ferguson
5/1 Fran Cosgrave
25/1 Sophie Anderton
50/1 Paul Burrell
50/1 Janet Street-Porter
200/1 Joe Pasquale
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