Liverpool have set no deadline on their search for a new manager at
Anfield following the departure of Rafael Benitez on Thursday.
The Champions League-winning Spaniard parted company with the Reds by mutual consent after six years at the Anfield helm. The development came as no surprise after a night of intense speculation on Merseyside.
The 50-year-old had four years remaining on his contract but has paid the price for the club's disappointing 2009-10 season, in which they finished a disappointing seventh in the Premier League.
Benitez is thought to have agreed a £6million compensation package and attention will now turn to the identity of his successor with several high-profile names already in the frame.
Martin O'Neill and Roy Hodgson, managers of Aston Villa and Fulham respectively, are among the favourites - as is Guus Hiddink, despite his recent appointment as the Turkish national team coach.
With owners Tom Hicks and George Gillett planning to sell the club, former Reds boss Kenny Dalglish, now an Academy ambassador, could also be a short-term option.
The club have already said Anfield legend Dalglish, manager from 1985-91, will assist managing director Christian Purslow in the recruitment process.
Installing the 59-year-old Scot, widely regarded as the club's greatest ever player, would at least be popular with supporters at a time when confidence in the hierarchy is low.
Fans last night gathered in numbers to protest against Hicks and Gillett and the regime which has saddled the club with a debt of £351million.
Although Benitez had lost the backing of a large percentage of fans, a significant hardcore maintained their support and preferred to focus their ire on the American owners.
James McKenna, of the Spirit of Shankly fans' group, said: "No manager should be undermined by the financial situation of a football club and that is what has happened.
"Last season was disappointing but to me that is a direct consequence of the financial mismanagement of this club.
"Rafa is a world-class manager and he will probably go on to bigger and better things."
Benitez, who is being tipped as a potential successor to Jose Mourinho at Inter Milan, earned a place in Anfield folklore by guiding Liverpool to 2005 Champions League glory in his first season.
He followed that with FA Cup success in 2006 and another Champions League final appearance 12 months later. After finishing runners-up in the Premier League in 2009, many expected a serious title tilt this year but it failed to materialise.
Early elimination from the Champions League was followed by a failure to finish in the top four and to re-qualify for Europe's elite event.
Nevertheless, despite failing to land a first domestic title since 1990, Benitez will not be forgotten for his impact and the jubilation of Istanbul 2005.
Benitez said: "I'll always keep in my heart the good times I've had here, the strong and loyal support of the fans in the tough times and the love from Liverpool.
"I have no words to thank you enough for all these years and I am very proud to say that I was your manager. "Thank you so much once more and always remember: you'll never walk alone."
