A number of names have been linked with the vacant position over the last couple of weeks, including the likes of Gus Poyet, former Bayern Munich man Thorsten Fink, and Mick McCarthy, who recently left Cypriot side APOEL FC after a just eight games in the dugout.
Here's our rundown of SkyBet's current odds on the next Sheffield Wednesday manager, ranked from lowest to highest chance of being given the job.
1. Nigel Pearson - Current odds: 22/1
Current job: Unemployed Last job: Watford Career win percentage: 40.9% (Photo by Adam Davy/Pool via Getty Images) Photo: Pool
2. Gus Poyet - Current odds: 22/1
Current job: Unemployed. Last job: Bordeaux. Career win percentage: 42.7% (Photo by Gareth Copley/Getty Images) Photo: Gareth Copley
3. Thorsten Fink - Current odds: 20/1
Current job: Unemployed. Last job: Vissel Kobe. Career win percentage: 48.1% (Photo by Kiyoshi Ota/Getty Images) Photo: Kiyoshi Ota
4. Paco Jemez - Current odds: 20/1
Current job: Unemployed. Last job: Rayo Vallecano. Career win percentage: 32.2% (Photo by Denis Doyle/Getty Images) Photo: Denis Doyle