Pat Fenlon quit as Hibernian manager yesterday after deciding it was the right time to walk away from Easter Road.
The 44-year-old denied he has been sacked and insisted the decision to resign is his own.
Former Aberdeen manager Jimmy Calderwood and former Kilmarnock manager Kenny Shiels have already been linked with the post.
Fenlon moved to Edinburgh to replace Colin Calderwood in November 2011 but his reign included last year’s humiliating 5-1 Scottish Cup final defeat by city rivals Hearts as well as the 7-0 Europa League qualifying setback to Malmo earlier this term.
The final straw for supporters came on Wednesday when they lost to administration-hit Hearts for a second time this season as they crashed out of the League Cup.
But the former Shelbourne and Bohemians manager insisted it was not pressure from supporters that forced his resignation. He said: “It’s a very difficult decision. I’ve been here a little while now and I love the place. I have to be fair to everyone and it’s the right decision to make at the right time.
“Wednesday wasn’t (the reason behind why I have stepped down). I’m not being funny about this, I was more disappointed about Saturday (a 2-0 defeat by Aberdeen).
“It’s a culmination of three or four games that I wasn’t happy with and now is the time to go. I’m convinced we have improved the football team. We have a real good squad and real good staff.
“I’ve been mulling the decision since Aberdeen and decided probably within the last 24 to 12 hours. I haven’t told the players yet but I will speak to them in the morning. It will be difficult but the right thing to do.
“A lot of the negativity has been about me, so I think it’s right that I take myself out of the situation. The supporters’ feelings are always important to me but I have no problem with them. It’s their club and we are in this together.”
Assistant Jimmy Nicholl will take the team for tomorrow’s Scottish Premiership match at Motherwell.
Chairman Rod Petrie thanked Fenlon for his efforts, saying: “Pat arrived when we were at a very low point almost two years ago and he has worked tirelessly to bring about improvements since his first day. He has taken us to two Scottish Cup finals in successive seasons and in his first full season in charge improved our league standing by 18 points and four places.
“He has assembled a squad of talented players but feels that he should now hand over the reins. We thank him for all his efforts.”