While Michael Gove is favourite to resign at 5/2, due to his pro-Brexit stance, Javid - who would have been 33/1 before Tuesday - is now 7/2 second favourite, according to Betway.
Mayor of London Boris Johnson is tied in second with Javid, while Hunt is at 6/1 as his confrontation with junior doctors continues.
"Before Tuesday’s events Sajid Javid would have been 33/1 to be the next cabinet minister to lose his job. However he’s now under immense pressure to find a solution to the steel crisis and is our second-favourite to be the next out the door," Betway’s Alan Alger, said.
He added: "With June’s EU referendum looming large, it is unsurprising to see prominent out campaigners Michael Gove and Boris Johnson amongst the favourites at 5/2 and 7/2 respectively to go, but Javid is coming up on the rails fast."
The change comes after the resignation of Iain Duncan Smith as work and pensions secretary in March over what he deemed to be a "deeply unfair" Budget.
The government has come under fire as it has said that it is on the side of steelworkers, while also having been accused of blocking moves designed to save the UK steel industry.
Speaking to BBC Radio 4's Today programme, Charles de Lusignan, European Steel Association spokesperson, said: "We have been talking about the lifting of the lesser duty rule in particular for a long time [since 2013]."
"The fact is that the UK has been blocking this. They are not the only member state but they are certainly the ring leader in blocking the lifting of the lesser duty rule," he added.
The government has been under pressure to act since Tata announced the decision that it would be putting its UK operations up for sale early on Tuesday morning.
And yesterday Prime Minister David Cameron said the government has not ruled anything out as it seeks to solve the UK steel crisis but doesn't believe that nationalisation is the answer to the potential closure.