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.
5. Joey Barton - Current odds: 20/1
Current job: Unemployed. Last job: Fleetwood Town. Career win percentage: 39.8% (Photo by Pete Norton/Getty Images) Photo: Pete Norton
6. Roy Keane - Current odds: 14/1
Current job: Unemployed. Last job: Ipswich Town. Career win percentage: 39.7% (Photo by Lewis Storey/Getty Images) Photo: Lewis Storey
7. Neil Thompson - Current odds: 14/1
Current job: Sheffield Wednesday caretaker. Career win percentage: 28% (Photo by George Wood/Getty Images) Photo: George Wood
8. Chris Coleman - Current odds: 11/1
Current job: Unemployed. Last job: Hebei China Fortune. Career win percentage: 31.6% (Photo by Catherine Ivill/Getty Images) Photo: Catherine Ivill