Bookies expect up to £10 million pounds to be bet on the Fifth Ashes Test, making it the highest staking match in the history of cricket.
With the series level going into the final five days Ladbrokes claim interest in their betting markets is at an all-time high.
Despite a poor showing at Headingley, most of the money is going on 7/2 outsiders England and their returning talisman Andrew Flintoff.
Flintoff, competing in his final test match, is 3/1 to be top England wicket taker, 10/1 to be their top batsman and 8/1 favourite to be man of the match.
He is 12/1 to take five wickets in either innings, 2/1 to hit a fifty and 10/1 to hit a hundred.
And the firm are even offering 100/1 that he is knighted in the New Year's Honours List.
Ladbrokes cricket betting spokesman Robin Hutchison said: "We thought interest was intense in 2005 but this has pushed out the boundaries even further.
"This time England have to win if they are to snatch back the urn and we are laying bundles of them up and down the country.
"If England win and Flintoff is man of the match we'll melt all our betting pens and carve a huge statue in fond remembrance of the man who burnt the bookies."
Australia are 6/4 to make it two victories in a row and retain the Ashes, with the draw priced at 6/4.