Sporting Director Gary Holt will be in charge for the remainder of this campaign and will also head up the search for a new manager to take over.
Here, we look at 20 names from the likely to the unlikely and give our verdict on the chances of seeing them in the dugout at The Falkirk Stadium.
1. Peter Grant
Alloa have confirmed the 55-year old will be departing at the end of the season and, despite suffering relegation with the Wasps this year, his stock is still high in the Scottish game. VERDICT: Early favourite Photo: Lisa Ferguson
2. Neil McCann
Doing a good job in caretaker charge of Inverness, he'll be back on the market when John Robertson returns from leave. Being a former Falkirk player as well as a top quality player in his day helps too. VERDICT: Early favourite Photo: Lisa Ferguson
3. Jim McIntyre
The bookies' favourite the last time the Falkirk job became available. The 48-year has won trophies with Dunfermline and Ross County during his managerial career. VERDICT: Early favourite Photo: John Devlin
4. Mark Kerr
The former club captain cut his managerial teeth with Ayr United but left the Honest Men sitting second bottom of the Championship. Still a popular figure at Falkirk though. VERDICT: Early favourite Photo: Michael Gillen