Kevin Muscat has emerged as the early bookies' favourite to succeed Russell Martin as Rangers manager.
The Ibrox club are on the lookout for a new permanent boss after relieving Martin of his position as manager on Sunday evening.
A club statement confirmed the decision hours after the 1-1 draw with Falkirk in the Scottish Premiership.
The statement read: "Rangers Football Club confirms that it has parted company with Head Coach, Russell Martin.
"While all transition periods require some time, results have not met the club's expectations.
"Assistant Head Coach, Matt Gill, and First-Team Coach, Mike Williamson, will also be departing.
"Russell and his staff have worked exceptionally hard throughout their time at the club. We thank them for their efforts and wish them well for the future.
"Further updates from the club will follow in due course."
BetVictor has made Muscat the early frontrunner for the Rangers post, priced at 6/4 with the bookmaker.
Sean Dyche is next in the odds list at 7/4, with Steven Gerrard 2/1 to return to Ibrox as Rangers manager.
Hearts manager Derek McInnes is priced at 5/1 to made a quickfire move from Tynecastle to Ibrox with Danny Rohl further back at 8/1.
Barry Ferguson (16/1), Issame Charai (33/1) and Steven Davis (33/1) have also been listed as possible contenders.
Next Rangers manager odds
Kevin Muscat 6/4
Sean Dyche 7/4
Steven Gerrard 2/1
Derek McInnes 5/1
Danny Rohl 8/1
Barry Ferguson 16/1
Gary O'Neil 25/1
Michael Carrick 25/1
Brian Friske 33/1
Issame Charai 33/1
Kasper Hjulmand 33/1
Steven Davis 33/1
Gareth Southgate 33/1
Marco Rose 33/1
Frank Lampard 33/1
