Ball leads the pack by a wide margin with a moneyline of +175 (bet $100 to win $175), which works out as 7-4 odds, while Dallas Mavericks guard Dennis Smith Jr. is the second choice at +325 (13-4 odds).
The Lakers selected Ball with the No. 2 overall pick in the 2017 NBA draft, and the 19-year-old was named MVP during summer league play.
Here is a rundown of all the top candidates, courtesy of OddsShark:
1. Lonzo Ball (LAL): +175
2. Dennis Smith Jr. (DAL): +325
3. Ben Simmons (PHI): +375
T4. Markelle Fultz (PHI): +1000
T4. Jayson Tatum (BOS): +1000
6. De'Aaron Fox (SAC): +1200
7. Donovan Mitchell (UTAH): +1400
8. Josh Jackson (PHX): +1600
9. Malik Monk (CHA): +2500
T10. Jonathan Isaac (ORL): +3300
T10. Zach Collins (POR): +3300
T10. John Collins (ATL): +3300
T13. Justin Jackson (SAC): +4000
T13. Luke Kennard (DET): +4000
T15. Lauri Markkanen (CHI): +5000
T15. Frank Ntilikina (NY): +5000
17. Derrick White (SA): +6600
Also near the top of the list is Ben Simmons of the Philadelphia 76ers, who missed the entire 2016-17 season because of injury.
Simmons was the No. 1 overall selection in the 2016 NBA draft, and he would have been a heavy favorite to win Rookie of the Year last season had he played.
The Aussie will have some competition from his own teammate for the award, though, as 2017 No. 1 overall pick Markelle Fultz is tied for the fourth-best chance along with Boston Celtics wing Jayson Tatum.
In terms of value picks, a pair of top-10 draft selections in Lauri Markkanen of the Chicago Bulls and Frank Ntilikina of the New York Knicks stand out at +5000 apiece.
Both players are on teams that appear to be in rebuilding mode, which suggests they should get plenty of playing time throughout the 2017-18 campaign.