Since taking over on an interim basis from the fired Mark Hughes at the beginning of October, the 34-year-old has guided the Bantams to back-to-back triumphs in Sky Bet League Two and the EFL Trophy.
McDonald, a midfielder who only joined the team in the summer, is the favorite at 11/10 with BetVictor to be given the full-time reins following a strong debut.
To move up from their current position of 14th in the fourth division, Bradford will go to AFC Wimbledon on Saturday, and he is anticipated to continue in caretaker command.
Leam Richardson, a former Wigan manager who was fired by the Latics less than a year ago, and Neil Redfearn, a former Leeds and Rotherham manager who just quit his position as assistant manager at Oldham, are McDonald’s two closest rivals in the betting.
The following permanent manager of Bradford City is (BetVictor odds)
Unexpected names in the betting include Craig Hignett, whose only managerial position with Hartlepool United ended four years ago, Barrow manager Pete Wild, former MK Dons and Oxford manager Karl Robinson, and former Lincoln and Portsmouth manager Danny Cowley at 12/1.
Steve Thompson, who left Oldham along with Redfearn a few days ago amid rumors that the Bantams were interested in both players, is also listed at 12s.
Former Celtic manager Neil Lennon, former Luton and Southampton manager Nathan Jones, and 75-year-old Neil Warnock, who left Huddersfield last month and has coached several Yorkshire teams, round out the top contenders.