Brendan Rodgers' tenure as Liverpool boss came to an end shortly after Sunday's 1-1 draw with Everton at Goodison Park.
According to various Merseyside-based journalists, the Ulsterman was given a target of being in the top four in the Premier League by the time the October international break arrived, and since the Reds were languishing in 10th place subsequent to the their most recent result, Rodgers was sacked with immediate effect.
Whether or not Rodgers deserved to be replaced is a moot point, but it is undeniable that Liverpool haven't ever hit their straps again after their 3-3 draw with Crystal Palace at the end of the 2013/14 season, and the responsibility to mastermind a turnaround clearly falls to the manager.
Following the decision by Liverpool's owners, Fenway Sports group (FSG), to look for a new manager, several names have been mentioned in the media as possible replacements, some more realistic than others.
We take a look at some of the candidates…
The experienced hand
The Italian is currently unemployed after being replaced as Real Madrid boss and knows the Premier League well, having managed Chelsea for two seasons with mixed success. One of only two managers to win the European Cup/Champions League on three occasions, Ancelotti is clearly a world class manager.
A likeable and respected fellow, questions marks exist over Ancelotti's ability to manage a club outside of Europe's current elite – the last time he managed such an outfit was at the helm of Reggiana 20 years ago. It would clearly be a massive coup for Liverpool if they could convince the former Juventus, AC Milan, PSG and Real Madrid boss to move to Merseyside; the Italian is perhaps better at getting a plethora of star players to work together than he is at building a strong team from lesser players as the case would be should he get the job.
The fans' favourite
The favourite to get the job among bookmakers and fans, the former BVB Dortmund boss would be a far better fit for Liverpool than Ancelotti. Experienced in his own right, having won two Bundesliga titles, a German Cup title and losing the Champions League final, Klopp made his name coaching a Dortmund side that played with a similar energetic, pressing game to Rodgers' Liverpool team did when things were going well for him at Anfield.
After resigning from his post as Dortmund boss at the end of last season, Klopp wanted to take a sabbatical but it now seems the German would be keen on the Liverpool job. His final season in charge of the Black and Yellows does have striking similarities to Rodgers' last 15 months at Liverpool, where the departure of some key players and injuries to others saw Dortmund finish in seventh place in the Bundesliga.
Frank de Boer
The Ajax Amsterdam coach has previously hinted that his ambition is to manage a club in England and the Dutchman has been on the radar of FSG before, after the Boston-based investment company contacted him when they searched for a replacement for Kenny Dalglish.
Ajax have dominated the Eredivisie under De Boer, winning the last four league titles, but the time might be right for him to move to greener pastures and the vacant Liverpool job might just be the step up he needs at this stage of his career. Another manager who is intent on playing a possession-based game with a focus on youth development, De Boer would also be a good fit for the Anfield club.
The best of the rest
The Frenchman has led Roma to consecutive runners-up finishes in Serie A and is a widely respected coach throughout the European continent. Additionally, Roma have close links to Liverpool – the club's primary owner Thomas DiBenedetto is a FSG shareholder.
Koeman has been nothing short of a revelation in charge of Southampton, leading them to Europea League qualification for the first time. In recent years Liverpool have often looked to Saints for signings and an approach for their manager might be on the cards.
He made his name as Rodgers' captain during his time at Swansea, but since taking over the position from Michael Laudrup, Monk has gone from strength to strength and is regarded by many as the best young manager currently in the Premier League.
Who do you think will be Liverpool's next manager? Have we missed out on any possible candidates in our list? Let us know if the comments section below…