As things stand, it's tennis star Emma Raducanu who leads the way in the betting. The 18-year-old made history by becoming the first qualifier to win a Grand Slam.
The Canadian-born player didn't drop a single set throughout this year's US Open as she romped to a 6-4 6-3 win in the final.
Rashford, meanwhile, has fallen down the pecking order and is currently available at 100/1. The Manchester United star knows how to find the back of the net but his biggest goal was off the pitch in his fight to end food poverty in the UK.
In March 2020, after the UK government announced it would be scrapping free school meals, Rashford teamed up with poverty and food waste charity FareShare to ensure children were able to access food in the Greater Manchester area.
In his mission to end food poverty, his conversation with prime minister Boris Johnson saw the Conservative party make a U-turn in scrapping free school meals.
In the Queen's Birthday Honours list for 2020, Rashford was awarded an MBE.
Since the turn of 2021, Rashford once again used his social media platform to highlight the 'unacceptable' food packages sent to parents from Chartwells - a food service company that is part of Compass Group.
By April 2021, Rashford and chef Tom Kerridge had produced a series of online lessons on how to make affordable meals such as spaghetti bolognese.
Rashford has most recently urged the government to keep the £20 universal credit top-up.
"In any other year, Rashford would have a great chance of winning BBC's Sports Personality of the Year. Unfortunately for him, 2021 is the year of the Olympics as well as the rise of tennis sensation Emma Raducanu," Planet Sport Bet's Mike Grenham said.
"Even Boris Johnson praised Rashford's fight for social justice and said he was better opposition than Labour's Keir Starmer.
"The odds are long on Rashford and while he may miss out this year there is a great chance of him picking up the award in 2022. Watch this space."
The other poster boy Raheem Sterling has shorter odds in the SPOTY market but is still an outsider to win.
Sterling scored three crucial goals for England at Euro 2020 and inspired Gareth Southgate's side into the final.
Had the Three Lions beaten Italy and won the tournament at Wembley Stadium, then Sterling would have been a strong contender.
The Manchester City ace has been one of soccer's standout players in the battle for equality and was given an MBE in 2021 for his charity work and fight to end racism.
"Raheem Sterling is quite the role model. While he had an exceptional tournament at the Euros, similar to Rashford, Sterling has overcome adversity.
"Just look at the disgraceful scenes in Hungary during England's victory. Sterling was one of the players alongside Jude Bellingham receiving racial abuse from Hungarian fans.
"Again, he is unlikely to win the top award but should be acknowledged for his work in racial equality."