Thierry Henry and John Terry are reportedly among the contenders for the Aston Villa manager's job following Steve Bruce's sacking on Wednesday.
Villa are currently 12th in the Sky Bet Championship after winning just three of their first 11 league games this season.
Bruce had come under increasing pressure after Villa's poor start to the season and had a cabbage hurled at him during Tuesday night's home draw with Preston.
Former Arsenal striker Henry, currently assistant manager to Roberto Martinez at Belgium, and Terry, who spent last season playing at Villa, have been linked with the job.
Sam Allardyce and Brentford manager Dean Smith have also been touted by bookmakers as Villa mull over their fifth permanent appointment in less than five years.
"Aston Villa Football Club can confirm that manager Steve Bruce and his assistants Colin Calderwood, Steve Agnew, Stephen Clemence and Gary Walsh are leaving their posts with immediate effect after having their contracts terminated," the club said on their official website on Wednesday.
"The process to appoint a new manager is under way."
A further statement issued on behalf of the board added: "We would like to place on record our gratitude to Steve and his team for their hard work and commitment. We wish them well for the future.
"The process of recruiting a new manager has begun. In the meantime, Kevin MacDonald, Aston Villa Under-23s manager, will be in charge of the team for our trip to Millwall on Saturday."