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.
1. Frank Lampard 4/11
Ex-Chelsea head coach Frank Lampard gestures on the touchline during the English Premier League football match between Fulham and Chelsea at Craven Cottage in London on January 16, 2021.
Photo: Mike Hewitt
2. Sean Dyche 4/1
Burnley's English manager Sean Dyche reacts during the English Premier League football match between Burnley and Leeds United at Turf Moor in Burnley, north west England on May 15, 2021.
Photo: Carl Recine
3. Steve Cooper 5/1
Steve Cooper, Manager of Swansea City looks on during the Sky Bet Championship match between Huddersfield Town and Swansea City at John Smith's Stadium on February 20, 2021 in Huddersfield, England.
Photo: George Wood
4. Valerien Ismael 15/2
Valerien Ismael, Manager of Barnsley FC reacts during the Sky Bet Championship Play-off Semi Final 1st Leg match between Barnsley and Swansea City at Oakwell Stadium on May 17, 2021 in Barnsley, England.
Photo: Laurence Griffiths