Kevin Muscat has been named as the early frontrunner for the vacant Rangers job.
The Australian, who turned out for Rangers during the 2002/03 campaign, is the bookies' favourite to replace Michael Beale at the helm of the Ibrox club.
Beale was sacked by the Scottish giants this evening following a dismal run of results and performances in the opening two months of the season.
He lasted just 10 months in the role after he left QPR to replace Giovanni van Bronckhorst last November.
Celtic lead the Premiership title race as things stand, with Rangers a whopping seven points off the pace in October.
The club's hierarchy will need to get their next appointment right if they want to have any chance of catching up their arch-Glasgow rivals this season.
And Betfair have opened their market for the next permanent manager of Rangers.
Muscat, who has been linked with the job in the past, is the current favourite at 10/3. He is in charge of Yokohama F. Marinos - Ange Postecoglou's former side.
Ex-Chelsea and Brighton boss Graham Potter is in at 5/1, while Jesse Marsch, Ralph Hassenhuttl and Kjetil Knuntsen make up the top five.
Other names who are on the lengthy list include Gennaro Gattuso, Scott Parker, Steven Gerrard and Ruud van Nistelrooy.
Next permanent Rangers manager odds in full:
Kevin Muscat 10/3
Graham Potter 5/1
Jesse Marsch 11/2
Ralph Hassenhuttl 15/2
Kjetil Knuntsen 8/1
Marcelo Bielsa 17/2
Gennaro Gattuso 10/1
Scott Parker 16/1
Ruud van Nistelrooy 16/1
Andre Villas-Boas 20/1
Jon Dahl Tomasson 28/1
Chris Wilder 28/1
John Terry 33/1
Michael Carrick 50/1
Steven Gerrard 50/1
Duncan Ferguson 150/1
Barry Ferguson 200/1
Neil Lennon 250/1
Steven Davis has been placed in temporary charge of the club while they recruit a new long-term successor.
A club statement reads: "Rangers Football Club can confirm it has parted company with men’s first-team manager, Michael Beale.
"The Rangers board would like to put on record their thanks to Michael and his staff for their efforts since joining the club last November.
"Results this season have fallen short of what everyone connected to Rangers would expect.
"Therefore, the decision was reached today to terminate the contract of the manager, as well as the contracts of coaches Neil Banfield, Damian Matthew, Harry Watling and Jack Ade.
"The club is pleased to announce that Steven Davis will lead the interim management team.
"The team will consist of former Rangers player and hugely experienced coach Alex Rae, former Rangers player and current coach Steven Smith, coach Brian Gilmour, and goalkeeping coach, Colin Stewart."
