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Barack Obama has decided on a vice presidential running mate or is very near making a decision. According to news reports, the three hot names are Virginia Governor Tim Kaine and U.S. Senators Evan Bayh of Indiana and Joseph Biden of Delaware. Senator Hillary Clinton of New York also has her name in the hat as a strong possibility.

Online oddsmakers at Sportsbook.com have updated betting odds on all vice presidential hopefuls giving the lead (-300 odds) to Governor Kaine. Senator Clinton is the second best odds at +200, however; Biden (+300) and Bayh (+400) are favored by pundits and other political analyst.

[Will Barack Obama select former rival Hillary Clinton as his running mate?]

As reported in the New York Times newspaper Tuesday, Obama advisors reported he reached a decision on his running mate while on vacation in Hawaii. It is possible the name of Obama’s running mate could be made public early as Wednesday.

The rampant speculation on Obama’s selection process has surrounded the best known names in the Democratic party such as former Vice President Al Gore, Connecticut Senator Christopher Dodd, Governor Bill Richardson of New Mexico and former U.S. Senator Sam Nunn of Georgia.

Betting odds on Obama running mate candidates (Sportsbook.com)

Al Gore +1000

Bill Richardson +600

Brian Schweitzer +1500

Chuck Hagel +2500

Ed Rendell +1500

Evan Bayh +400

Hillary Clinton +200

Janet Napolitano +2000

Jim Webb +250

Joe Biden +300

John Edwards +1000

Kathleen Sebelius +400

Mark Warner +700

Michael Bloomberg +2000

Phil Bredesen +2000

Ron Paul +1500

Sam Nunn +1200

Ted Strickland +800

Tim Kaine -300

Wesley Clark +550

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