Mark Hughes and Rafa Benitez are the frontrunners for the Queens Park Rangers managerial position after the west London Premier League club sacked Neil Warnock on Sunday night.
The aforementioned 63-year-old was dismissed by QPR yesterday after the club's owner, Tony Fernandes, insisted the "poor run of form" was too difficult to ignore.
QPR have amassed just two points in 11 league games but the announcement was still something of a shock given Warnock's success during his 22 month tenure.
The ex-Queens Park Rangers manager admitted he wished the club's protracted takeover had happened sooner, but suggested his record at the club, having guided them to promotion last season, left him "with a great sense of pride".
"Obviously I'm very disappointed, but having achieved so much, I leave the club with a great sense of pride," Warnock said in a statement on Sunday. "My biggest regret is that the takeover didn't happen earlier, because that would have given me the opportunity to bring in the targets I'd pinpointed and probably given us a better chance to succeed in the Premier League."
Fernandes cited QPR's alarming slump in form as the fundamental reason behind their decision.
"This decision has been made in the best interests of the club and this is not a decision that was made lightly," the QPR chairman said. "Sadly, our recent run of poor form has seen us slip alarmingly down the table and the board felt it was the right time to make a change."
The Times claims Warnock's "tactical approach, as well as his abrasive management style" has concerned QPR's owners, who bought the club in the summer. The former Sheffield United manager's alleged popularity was apparently on the wane in the dressing room and there is a suggestion an imminent high-profile appointment could attract the calibre of players the club patently crave.
William Hill have former Fulham and Manchester City boss Mark Hughes as the 6/5 favourite for the role, while ex-Liverpool manager Rafa Benitez is the second favourite at 11/4.
Comments from Tony Fernandes on Twitter on Friday suggested Warnock's position at QPR was increasingly vulnerable.
The Queens Park Rangers owner tweeted: "It's important to note no one's job is safe,
"Results are key. If I don't deliver, I would be the first to step down as chairman. We owe it to all the fans. Good money is paid and results are key.
"I will leave no stone unturned to make QPR a success. But if I fail, I have to go. I will give it 150 per cent effort."
An appointment is likely to happen sooner rather than later as QPR look to reinvest in their squad during the January transfer window.