While youth-team coach Terry Pashley has been put in temporary charge, the race is hotting up for the next permanent manager at Turf Moor.
Current favourite is Portsmouth boss Michael Appleton, whose steady leadership in difficult circumstances at Fratton Park makes him the front-runner at odds of 2/1 (3.00) with Paddy Power.
However, with Appleton claiming to be happy on the South coast, The Clarets hierarchy may have more luck in delving into the unemployed manager market.
One very strong possibility is Lancashire native Mick McCarthy, whose Championship know-how makes him an obvious choice, and he is available at attractive 11/4 (3.75) odds.
Although Owen Coyle left the club in slightly acrimonious circumstances two years ago, his successful track record with Burnley and current availability means that he could be a good fit, and you can back him to take over at 6/1 (7.00).
Alex McLeish also has a promotion to the Premier League on his CV, but his stock has fallen over the past couple of years, making him a slight outsider at odds of 16/1 (17.00).
Keith Hill added to his growing reputation by steering Barnsley to safety in the second flight last season, but he seems unlikely to make the controversial move from Yorkshire to Lancashire anytime soon, at odds of 8/1 (9.00).
Current Crewe manager Steve Davis is available at 11/1 (12.0) to fill the vacancy on a permanent basis. The 47-year-old spent several years at Burnley during his playing career and has continued Dario Gradi's good work at Crewe since taking over in 2011.
Mickey Mellon has done a fantastic job at Fleetwood Town, and his close ties with Burnley make him a realistic prospect to make the move up, at odds of 11/1 (12.00).
Funnily enough, the bookies appear to rate Alan Shearer and Gary Megson’s credentials on a par with Champions League winner Rafa Benitez, as all three are available at 33/1 (34.00).
Harry Redknapp has only recently taken up an advisory role at Bournemouth, so the chances of him going in the opposite direction to Eddie Howe and heading north seem very remote, at odds of 50/1 (51.00).
|Mick McCarthy to be next Burnley manager at 11/4 (3.75) with Paddy Power
Sign up with Paddy Power for up to £250 in free bets
Al Hain-Cole is a Liverpool fan, experienced tipster and avid follower of European football. He specialises in accumulators and if you would like to read more from Al you can follow him on Twitter here.
Follow GoalBetting on