Keibler leads the pack with 2-1 odds, according to Internet bookmaker PinnacleSports.com, which is taking bets on the competition.
Among the show's other competitors, B-movie star Tia Carrere is in second with 7-1 odds, followed by soap star Lisa Rinna (15-2). Perpetually tanned actor George Hamilton is tied with Jessica Simpson's soon-to-be former brother-in-law, Drew Lachey, with 9-1 odds.
Other contenders include ex-"Access Hollywood" anchor Giselle Fernandez (10-1), rapper Master P (11-1), Oscar-winner Tatum O'Neal (14-1), NFL great Jerry Rice (19-1) and ESPN "SportsCenter" anchor Kenny Mayne (24-1).
The show, which first debuted last summer, is a dance competition decided by viewer voting and judges.