Naturally, when an announcement like this is made, attention turns to who will become the next man in charge.
With the help of Paddy Power, who have revealed the latest odds for all those they believe will be in contention for the role, we've compiled a gallery of the market's front-runners.
Scroll through our list below to view the names at the head of the betting.
5. Scott Parker 17/2
Scott Parker, Manager of Fulham reacts during the Premier League match between Fulham and Burnley at Craven Cottage on May 10, 2021 in London, England.
Photo: Catherine Ivill
6. Eddie Howe 11/1
Former Bournemouth manager Eddie Howe looks on prior to the English Premier League football match between Everton and Bournemouth at Goodison Park in Liverpool, north west England on July 26, 2020.
Photo: Clive Brunskill
7. Patrick Vieira 13/1
Nice's former French coach Patrick Vieira reacts during the French L1 football match between Montpellier (MHSC) and Nice (OGCN) at the Mosson Stadium in Montpellier, southern France, on September 12, 2020.
Photo: Pascal Guyot
8. Dougie Freedman 20/1
Ex-Nottingham Forest Manager Dougie Freedman during the Sky Bet Championship match between Ipswich Town and Nottingham Forest at Portman Road on March 5, 2016 in Ipswich, England.
Photo: Stephen Pond