Carlo Ancelotti has been sacked by Bayern Munich after the 3-0 defeat to Paris Saint-Germain in the Champions League.
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The club's hierarchy held a meeting to discuss Ancelotti's future on Thursday afternoon and he has now left the Bavarians.
Former Chelsea and AC Milan boss Ancelotti had been in charge at the Allianz Arena for nearly 15 months after taking over as Pep Guardiola's successor in July 2016.
Hoffenheim manager Julian Nagelsmann is odds-on at 2/5 in Sky Bet's next Bayern Munich manager market, where he was cut from an opening 8/11 after immediate support.
Former Borussia Dortmund boss Thomas Tuchel was originally second in the betting but soon fell behind Bayern's assistant coach Willy Sagnol, considered the other likely candidate along with Nagelsmann and a 9/4 chance at 1620 BST.
Liverpool manager Jurgen Klopp and former Manchester United chief Louis van Gaal were both priced up as 10/1 options but also drifted, to 16/1 and 25s respectively.
Ancelotti led Bayern to their fifth consecutive Bundesliga title in his first season in charge but his side were eliminated at the quarter-final stage of the Champions League against his former club Real Madrid, while they were beaten 3-2 by Borussia Dortmund in the semi-finals of the DFB-Pokal Cup.
The Italian had come under pressure in the early stages of the new campaign after a 2-0 defeat to Hoffenheim in September. That was followed a few weeks later by a 2-2 draw at home against Wolfsburg before PSG's emphatic 3-0 win over the German champions in Paris on Wednesday.
Bayern CEO Karl-Heinz Rummenigge said: "The performance of our team since the start of the season did not meet the expectations we put to them. The game in Paris clearly showed that we had to draw consequences.
"(Bayern sporting director) Hasan Salihamidzic and I had an open and serious discussion with Carlo today and informed him of our decision.
"I would like to thank Carlo for his co-operation and regret this development. Carlo is my friend and will remain (so), but we had to make a professional decision for FC Bayern.
"I now expect the team to have a positive development and absolute performance, so we can reach our goals for this season."
