Jon Brady resigned following his side’s 2-0 defeat at Stevenage in midweek after four years in charge.
Ince won the Football League Trophy in March 2008, before guiding the Dons to the League Two title just weeks later during his first spell at the club.
The former Manchester United man, who left Stadium MK to take over at Blackburn before returning the MK a year later, has seen his odds cut from their 10/1 starting price.
It proved to be a less successful spell with the Dons, finishing in 13th place in League One in the 2009/10 season.
Ince is now rated as the second favouire for the post, according to odds released by Grosvenor Sport, in a list which features highly-experienced managers and two managers making a name for themselves in the National League.
