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.
5. 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
6. 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
7. 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
8. 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