Former Celtic players Henrik Larsson and Paul Lambert are among the favourites to replace Neil Lennon after the Northern Irishman stood down after four years at Parkhead.
Following a glittering playing career with the Hoops, Lennon won three Scottish league titles and three Scottish Cups since being appointed in 2010 and also beat Barcelona on the way to guiding the club to the Champions League last 16 in the 2012/13 season.
But a desire to further his career in the British game has seen the 42 year old stand down from his role at Celtic amid discussions over a new contract. Lennon has been linked with moves to Norwich City and West Bromwich Albion this summer.
"I have parted company with Celtic," Lennon said. "The club are in a very strong position and I wish the fans and the club all the very best for the future."
"I can't thank Peter Lawwell and the board enough for their backing and support during my time as manager."
The current bookmakers' favourite to succeed Lennon is legendary goalscorer Larsson, who is currently the head coach of top flight Swedish side Falkenbergs FF.
Larsson scored 242 goals in 313 games for Celtic and following spells at Landskrona BoIS and Hogaborgs is currently carving out a managerial career in the Swedish first division.
The ex-Sweden international also played for Barcelona and Manchester United during his stellar career which also saw him appear at three World Cup tournaments.
Lambert, the current Aston Villa manager, is the second favourite for the post having enjoyed eight years at the club where he claimed nine major honours.
The 44 year old has come under increasing pressure at Villa Park amid a backroom upheaval before the end of the season, while owner Randy Lerner has put the club up for sale.
Former Everton and Manchester United manager David Moyes, ex-Celtic defender Jackie McNamara and Aberdeen boss Derek McInnes are also in contention as the club begin the search for the 21st manager in their history.