Manchester United legend Paul Scholes is one of the front-runners to replace Richie Wellens at Sky Bet League Two Oldham.
The 43-year-old midfielder grew up supporting the Latics and has often spoke of his fondness of the club.
At 4/1 for the vacancy, he is second favourite behind Peter Clarke.
Wellens, 38, was sacked on Friday after just eight months in charge. Following initial success as caretaker boss, he failed to keep the Latics in the third tier.
Oldham's next manager odds (via Sky Bet)
- Peter Clarke - 5/2
- Paul Scholes - 4/1
- Darren Ferguson - 8/1
- Martin Jol - 10/1
- Shefki Kuqi - 12/1
Click here to see the list in full, along with more manager specials from the online bookmaker...
"Oldham Athletic can confirm that the contract of manager Richie Wellens has been terminated with immediate effect," read a statement on the club's official website.
Former Blackpool, Doncaster and Leicester midfielder Wellens initially took charge on a temporary basis after Sheridan's departure in September last year.
The club's statement added: "We would like to thank Richie for all his efforts. While he was unable to guide us to League One safety after being appointed in October, it certainly wasn't due to a lack of professionalism and dedication on his part and we wish him every success for the future.
"The club will look to appoint a new manager as soon as possible and will be making no further comment at this time."
Wellens led Latics on a five-game unbeaten run after taking over as caretaker boss and was appointed on a permanent basis soon after.
But they drew eight of their last nine league games last season and relegation was confirmed after they were held 2-2 at Northampton on the final day.
The Latics had spent the previous 21 seasons in the third tier and will start the 2018/19 season in the bottom division for the first time since 1971.
Wellens had two spells at Oldham as a player and returned to Boundary Park as first-team coach in the summer of 2017 before succeeding Sheridan to take his first job as manager.