The former Livingston manager, who is from Irvine, spent six years at Kilmarnock from 1995-2001 and may fancy his chances at the Rugby Park top job.
For the time being head coach Martin Rennie will oversee all of Holt’s duties outwith youth development, which will be handled by CEO Jamie Swinney.
Falkirk have also announced that their will be a forthcoming ‘review of all football operations’.
Holt has only been in the job for a year, having been appointed in January in 2021. The Bairns support made clear their displeasure at his role within the club.
A club spokesperson said: “Falkirk Football Club has today parted company with Sporting Director Gary Holt. We’d like to thank Gary for all his hard work over the past year and wish him every success in his future career.”