According to odds posted on sportsbook.com, Levy, a telenovela actor, and partner Cheryl Burke have 5 to 4 odds of winning the mirror ball trophy.
In their last performance, the duo wowed the judges with their quickstep routine for a total judge's score of 25, tied for second-best of the night.
Carrie Ann called Levy the Harry Connick Jr. of the ballroom, following the performance.
Actor Jaleel White and partner Kym Johnson have been given 5 to 2 odds of taking the competition.
White, best known for playing klutzy nerd Steve Urkel in the 1990s sitcom Family Matters, has shown audiences he has some moves.
But White and partner Kym Johnson's latest performance did not receive glowing reviews from judges Len, Bruno and Carrie Ann. The couple scored a 22 from the judges for their jive.
It lacked attack and speed, Len said. There wasn't a crispness about it.
Based on odds posted on sportsbook.com, singer Gavin DeGraw should be worried: he's the longshot to win Dancing With The Stars, with the website giving him a 50-1 chance of coming out on top.
Other longshots, both at 30 to 1, are The View host Sherri Shepherd and singer Gladys Knight
Here is a breakdown of the celebrity contestants on Dancing With The Stars and their chances of winning the mirror ball trophy, according to sportsbook.com.
William Levy: 5 to 4
Jaleel White: 5 to 2
Katherine Jenkins: 3 to 1
Donald Driver: 4 to 1
Maria Menounos: 6 to 1
Roshon Fegan: 6 to 1
Melissa Gilbert: 15 to 1
Jack Wagner: 20 to 1
Sherri Shepherd: 30 to 1
Gladys Knight: 30 to 1
Gavin DeGraw: 50 to 1