Former UKIP leader Nigel Farage has placed a £10,000 bet on Donald Trump as the US election result hangs in the balance.

Neither Trump or Joe Biden have been declared the winner of the election as votes continue to be counted in the early hours of Wednesday morning.

But as the first ballots began to close, Farage was unwavering in his belief that the incumbent president was going to retain his position in the Oval Office.

Speaking as some of the ballots were preparing to count their votes, he said: "The first polls are closing and I am absolutely optimistic."

Prior to election night, Farage told those at a rally in Arizona that Trump’s presidential victory four years ago was similar to his Brexit win in 2016.

He said: "Four years ago I was honoured to come to America to bring the Brexit message.

"The message that you can beat the establishment and that is what Donald Trump did.

"He beat the pollsters. He beat the media. He beat all the predictions. And here's the worst bit, they've never forgiven him for it.

"This is the single most resilient and brave person I have ever met in my life."

But the high turnout expected in the 2020 US election did appear to leave Farage in doubt about the result.

He added: "Obviously, it’s tough to judge. We’re dealing with a huge turnout, unprecedented in modern times.

"I have memories of the UK referendum, we had a huge turnout and Brexit won."

Businessman and TV personality Alan Sugar responded to Farage’s bet and the former Tottenham owner was not impressed.

He said: "You are a double barrel t****r You should be renamed Nigel A****l as you are so far up Trump’s r****m it is untrue. The interesting thing is you think Trump gives a t**s about you.

"Well done on @gmb today you made the nation laugh at you your blatant ignorance."

In the early hours of Wednesday morning, President Trump claimed he had won the election despite there being no indication he has clinched victory.