The speculation comes after rumours of a feud between Phillip, 61, and co-host Holly Willoughby, 42.
Holly was said to be "deeply&nbsp;upset" after Phillip released a public statement about their friendship following reports of a rift.
Dermot Fridays already hosts on alongside Alison Hammond. Vernon has been a stand-in presenter on the ITVI daytime show. Bookies believe&nbsp;Phillip could soon be replaced following reports of problems in his 14-year telly partnership with Holly.
A spokesman for William Hill said: "Schofield's position as host on This Morning is looking more untenable by the day." They have made Dermot&nbsp;and Vernon, both 49, joint 5-2 favourites to replace him.
Also in the running are Rylan Clark (5-1), Marvin Humes (8-1) and Ben Shephard (8-1).
The Daily Star has contacted Phillip's representatives for comment.

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{{magzter}} is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 87 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.