This will be the first time the Goodison Park club will be looking for a new team boss since 2002 after David Moyes occupied the hot seat for 11 years.
The DW Stadium manager saw his team relegated on Tuesday night after a 4-1 defeat at Arsenal, but his style of play and clever use of finances in the transfer market will make him a serious contender to succeed Moyes.
Neil Lennon, Gus Poyet and Malky Mackay are also in the frame according to the bookies, while Everton Under-21s coach Alan Stubbs represents an opportunity to promote from within, reports the Liverpool Echo.
But the former Goodison Park defender and boyhood supporter is not the only candidate from inside the club, claim the bookmakers.
At the time of writing, former Everton striker Duncan Ferguson, who is currently a youth coach with the Merseyside club, is a 20-1 shot with Ladbrokes.
Everton's most successful manager Howard Kendall, who has been at the helm on three occasions, told the Liverpool Echo recently that the former Scotland international has the leadership attributes to manage the club.
Ferguson's love affair with Everton began in 1994 when he arrived on loan with Ian Durrant from Glasgow Rangers following his headbutt on Raith Rovers defender John McStay
Ferguson was jailed for three months in October 1995 for assault after the incident, as The Independent reported, but Everton and then manager Joe Royle stayed loyal to the striker.
The former Dundee United man never forgot that and his whole-hearted displays in a royal blue jersey were a reward for that loyalty.
He eclipsed the debut of then-world record signing Alan Shearer in August 1996 when his swashbuckling display helped the Blues defeat Newcastle United on the opening day of the Premier League campaign.
Ferguson was also part of the Everton squad which won the 1995 FA Cup with a 1-0 win over Manchester United.
The Scot signed for Newcastle in November 1998 without the knowledge of then Everton manager Walter Smith (via BBC News), but returned in 2000.
Ferguson fell out with manager Moyes in 2003 in a training-ground altercation, as BBC Sport reported, and refused to shake hands with the new Manchester United boss after his final game for the club in 2006. But the former striker apologised for his actions five years later, as Moyes revealed in an interview with the club's official website, EvertonFC.com.
Consequently, Moyes offered Ferguson a coaching role with the club where the Scot is still working with the young players.
However, club legend does not necessarily equate with great manager. Ferguson still possesses drive and passion for Everton but his lack of experience in management is not what the Blues need at the moment.
In 1997, following the departure of Royle, former Everton chairman Peter Johnson was on the verge of appointing another Goodison striking legend, Andy Gray, to the managerial post before the television pundit performed a last-minute U-turn, as The Independent reported.
Instead, Kendall returned and Everton only survived relegation on the final day of the season.
Ferguson, 41, was a talisman for the club as an Everton player and wears his love for the club in tattooed form on his arm (via Blue Kipper Everton fans' website), but his time as a manager will have to wait.
Stubbs is a likely candidate to move up with the arrival of a new manager and Ferguson will be the man to cut his managerial teeth with the Everton Under-21 side.
But don't bet against the former striker making his own mark from the dug-out at some point in the future.