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.
. Falkirk manager candidates PAP pic.jpg
Peter Grant, Mark Kerr, Steven Pressley and Shelly Kerr are some of the names who could potentially be in the frame for the Falkirk manager's job (Pics: Lisa Ferguson/MichaelGillen/GettyImages) Photo: Multiple
. 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
. 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
. 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
. 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
. Gary Holt
It's unclear whether the club's sporting director would want to make the move from boardroom to dugout, it would be a similar move to Craig Levein at Hearts a few seasons back. He's in charge of recruiting the new manager though so the job's quite literally his if he wants it. VERDICT: Early favourite Photo: Ian Sneddon
. Steven Pressley
A man who has previously held the position, Elvis left the building in 2013 to manage Coventry City. He has a good pedigree but would fans welcome him back after leaving them nearly ten years ago? VERDICT: Maybes aye, maybes naw. Photo: Pete Norton
. Peter Houston.
Falkirk's most successful manager over the past decade has not managed a club since departing the Bairns in 2017. His last job was as assistant manager to Jonatan Johansson at Morton. Verdict: Maybes aye, maybes naw Photo: Michael Gillen
. Shelly Kerr
If the Falkirk board want to grab international headlines with their appointment then this would be the person to do it. She's certainly got the pedigree but would the former Scotland Women boss be interested? Verdict: Maybes aye, maybes naw. Photo: Ian MacNicol
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