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.
9. Dean Holden
The former Bairn recently had a spell in charge of Bristol City in the English Championship but it didn't go so well. He's currently assistant manager at Stoke City and prying him away from the Potters could prove tricky. Verdict: Maybes aye, maybes naw Photo: Jan Kruger
10. Lee Bullen
Another former Bairn coaching in England, the 50-year old has had three spells as caretaker of Sheffield Wednesday and currently manages their Under 23s. He left the Owls for Falkirk as a player, would he do it again? Verdict: Maybes aye, maybes naw Photo: Gary Hutchison/Johnston Press
11. Ricky Waddell
Yet another former Bairn, hometown boy Waddell has been in charge of Lowland League side Caledonia Braves since 2015 and also works with Rangers youth academy. Verdict: Worth a punt Photo: Michael Gillen
12. Stephen O'Donnell
ANOTHER former Bairn, O'Donnell currently manages St Patrick's Athletic in his native Republic of Ireland where his assistant is fellow former Bairn Patrick Cregg. Verdict: Worth a punt Photo: Stuart Franklin