Watters was surprisingly dismissed on Friday two years into his three-year contract.
The club decided his fate at an early morning board meeting – at the same time Watters was on Melbourne radio denying any danger to his job, or rift with players or club hierarchy.
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Speculation is rife that Port Adelaide premiership coach Mark Williams or former Saints playing legend and dual Brownlow medallist Robert Harvey are the frontrunners for the job.
St Kilda president Peter Summers said while the Saints were hopeful of having a coach in place by the national draft on November 21, they had a wishlist of names they were yet to approach.
"We have a list that we will approach. We have approached nobody," he said.
Williams is currently an assistant coach at Richmond, and has a long working relationship with Saints head of football Chris Pelchen from their time at Port.
Harvey, who played 383 games for the Saints and won the Brownlow Medal in 1997 and 1998, is now an assistant coach at Collingwood.
Summers denied Watters' radio interview – believed to have been unsanctioned by the club – was in any way responsible for his demise.
And he said the decision was driven by the board, not by players.
Rumours that Watters' job was on the line have been circulating since the end of the season, in which the Saints won just five matches and finished third-bottom.
Watters, 44, was a former West Coast, Sydney and Fremantle player.
He had a 17-27 win-loss record over his two seasons in charge of the Saints.
Watters took charge of St Kilda after Ross Lyon left the club at the end of 2011 to lead Fremantle