Murakami, Poets Ko Un & Adonis...

The Nobel prize for literature is awarded each October, in accordance with the wishes written in Alfred Nobel’s will, to “the person who shall have produced in the field of literature the most outstanding work in an ideal direction”. The 2013 prize is worth 8m Swedish kronor (£780,000).

Murakami has been considered a frontrunner for the past 10 years. His emergence as favourite this time round comes as his latest novel – the title of which translates as Colourless Tsukuru Tazaki and His Years of PilgrimageO – is being translated into English ahead of publication in 2014.

Though the Nobel administration prides itself on being inscrutable, it has experimented with a little light leaking. In May, it tantalisingly tweeted: “5 candidates have been selected for 2013 #NobelPrize in #Literature according to Permanent Secretary of the Swedish Academy,” provoking a flurry of speculation as to whether this could be America’s year, with Philip Roth and Don DeLillo floated as possible recipients.

Ladbrokes is running with Murakami, but the firm has got it wrong before. In 2011, a run of bets prompted it to slash odds on Bob Dylan from 100-1 to 10-1 24 hours preceding the announcement of the winner. That year, Adonis was a 6-1 favourite, followed by Murakami (8-1) and the eventual winner, Tranströmer (10-1).

Last year, the prize went to Mo Yan, who became the first Chinese writer to win it, at odds of 9-1. Since 1901, a total of 109 individuals have won the Noble prize for literature, 12 of them women.

Swedish Academy to announce 2013 Nobel Prize in literature on Thursday

STOCKHOLM - The panel that selects the winner of the Nobel Prize for literature says it will announce its decision on Thursday.

That means the dates of all the 2013 Nobel Prize announcements have been set.

The Swedish Academy receives hundreds of nominations from literary and language professors from around the world, as well as previous laureates and the heads of writers' organizations.

The Nobel Prize in medicine was announced Monday and will be followed by physics prize on Tuesday and chemistry on Wednesday. The Nobel Peace Prize will be announced on Friday, and the economics award is set for Oct. 14. Each prize is worth $1.2 million and will be presented on Dec. 10.