Gary Megson and Alan Curbishley have emerged as the early favourites to replace the sacked Phil Brown as Hull manager.
Brown was 'relieved of his duties' and placed on gardening leave by the Tigers on Monday morning (NZT).
Chairman Adam Pearson cited the club's perilous position in the Premier League as the reason for the surprise decision.
Former Charlton boss Curbishley has been out of work since leaving West Ham in September 2008 while Megson is available after being dismissed by Bolton in December - coincidentally after a draw with Hull, who recovered from 2-0 down in the second half.
Paul Jewell and Steve Coppell have also been linked while Brown's assistant Brian Horton, himself a former Tigers boss, could be a contender.
Horton and fellow coach Steve Parkin have been placed in temporary charge of the team 'until further notice', and Brown has spoken of his sadness at the sudden decision to dispense with his services.
The 50-year-old is the most successful manager in the club's history, having led them to the top flight for the first time in 2008 and then kept them there last year.
"I am obviously very disappointed with the club's decision and the fact that I will now not have the opportunity to secure Hull City's status in the Premier League for a third consecutive season," said Brown in a statement released through the League Managers Association.
"Although I am extremely sad to be leaving Hull City, I am very proud of my achievements during my time as manager, especially having led the team into the top flight of football for the first time in the club's 104-year history and ahead of schedule."
Brown leaves the Tigers 19th in the table and three points adrift of safety following a last-gasp loss to Arsenal on Sunday.
Hull has won five games all season, none of them away from the KC Stadium, and lost on its last four outings.
Pearson claims taking such decisive action at this late stage of the season - with nine games remaining - was in the best interests of the club.
A statement from Pearson read: "Retention of Premier League status is paramount and the board believes that a change in managerial direction is the correct option at this time."
Pearson, who returned to the club for a second spell as chairman last October, has repeatedly warned of the dire financial consequences of relegation.
Hull, under previous chairman Paul Duffen, overspent on player wages in the aftermath of their promotion to the Premier League.
Efforts were made to offload fringe players in the January transfer window but the club, 9million pounds in debt, was unable to make major savings on their wage bill.
It is feared a player cull will be necessary if the Tigers fail to preserve their top-flight status.
Former Hull manager Peter Taylor, who won promotion to the Championship with the club, believes fear of such drastic measures may have hastened Brown's demise.
Taylor told Sky Sports News: "Because of the financial situation, if they go down it'll be very, very serious for the club.
"So maybe it's just the last throw of the dice.
"It doesn't mean Phil's a bad manager and it doesn't mean whoever takes over is a great manager.
"It's just sometimes a change of face all of a sudden lifts the club."
Nevertheless, the decision to part company with Brown still came out of