Brendan Rodgers, Patrick Vieira and Carlo Ancelotti are some of the early favourites with Sky Bet to replace Arsene Wenger.
The Frenchman's 22-year reign as Arsenal boss is set to come to an end at the end of the 2017/18 season after he announced that he will be departing the club.
He leaves having won three Premier League titles, seven FA Cups and seven Community Shields along with an appearance in the Champions League final.
Sky Bet have looked at some of the potential replacements...
Brendan Rodgers - 3/1 with Sky Bet
On the eve of what will surely be his second title win as Celtic boss, Brendan Rodgers emerged as the early favourite for the Arsenal role.
Speculation was boosted when Dermot Desmond, the largest individual shareholder in the Scottish club, said on Friday morning that he wouldn't stand in his way if Rodgers wanted to take over at Arsenal.
Like Wenger, Rodgers is no stranger to Invincible seasons, having guided Celtic to an unbeaten domestic campaign in Scotland last term.
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Before that he came famously close to guiding Liverpool to the Premier League title in 2013/14, leading the way for much of the season before ultimately finishing two points behind Manchester City.
However, the 45-year-old, who has also managed Swansea, Reading and Watford, insists he is happy at Celtic, saying this week: "I am looking to the next step to take and already we are thinking how we can improve for next year."
Carlo Ancelotti - 4/1 with Sky Bet
Carlo Ancelotti has an incredible CV, boasting a Champions League title, a Premier League winners' medal and a Bundesliga crown amongst others.
The 58-year-old is out of work following his departure from Bayern Munich in September, where he won the German top flight during the 2016/17 season and the DFL-Supercup in both 2016 and 2017. He's experienced success on numerous stages and would be the experienced head that some Arsenal fans crave to start life after Wenger.
The Gunners possess the talents of Mesut Ozil, Pierre-Emerick Aubameyang and Henrikh Mkhitaryan in their ranks but he may demand a hefty transfer pot if he was to accept the job. Ancelotti bought Gareth Bale and James Rodriguez in during his time at Real Madrid, spending around £150m to bring in the pair.
The Italian coach also oversaw the £50m addition of Fernando Torres at Chelsea, whilst Thiago Silva and Lucas were big-money signings at Paris Saint-Germain.
Patrick Vieira - 5/1 with Sky Bet
A familiar name to Arsenal fans following his prominent role in the Invicibles side of 2003/04, Vieira has followed his playing career with a spell in management.
His involvement in the Manchester City set-up saw him manage their reserve sides between 2013 and 2015 before taking over the reins at MLS franchise New York City FC in 2016, where he currently holds the managerial position.
Vieira is yet to win any major titles in management, despite a remarkable list of achievements as a player, but did secure the Premier League International Cup with Man City's development side in 2015.
He remains a fan favourite for his time at the club as a player, but Arsenal would be taking a huge risk in appointing him as manager when Wenger's time comes to an end.
He did lead New York to second in the MLS stands in 2017, but his lack of senior management experience may not suit the Gunners.
Thomas Tuchel - 13/2 with Sky Bet
Often fancied for a job in the Premier League, Thomas Tuchel is unsurprisingly linked with a possible switch to North London.
Following Jurgen Klopp at Borussia Dortmund was always going to be a tough act, but the Dortmund hierarchy quickly decided to bring Tuchel to the club due to his football style being viewed as similar to that of Klopp's.
With numerous players departing the Signal Iduna Park over recent years, the 44-year-old faced an uphill battle securing success in a division dominated by Bayern.
However, Tuchel would lift the DFB Pokal in 2017 after his side beat Eintracht Frankfurt in the final, dumping their Munich rivals out at the semi-final stage.
In two years at the North Rhine-Westphalia club, Tuchel had a very healthy 63% win ratio, winning 68 of the 108 games he oversaw. A name to watch now that the vacancy has become available.
Joachim Loew - 7/1 with Sky Bet
Another name fancied for the vacancy at the Emirates Stadium is Joachim Loew.
The current manager of the German national team has turned 'Die Mannschaft' into one of the best teams on the international stage, securing World Cup glory in 2014 and winning the Confederations Cup last year.
Despite being involved in the national team set-up for the last 14 years, Loew can boast domestic success.
He won the DFB-Pokal, Germany's FA Cup, with VfB Stuttgart in 1997 before going onto win the Austrian Bundesliga with Tirol Innsbruck in 2001 and the Austrian Supercup with Austria Wien back in 2003.
Loew has experienced success at the very top level, alongside working with the likes of Ozil and Shkodran Mustafi previously and would have the opportunity to link up again at Arsenal. Whether an opportunity in North London would interest the German remains to be seen.
Massimiliano Allegri - 12/1 with Sky Bet
Juventus manager Massimiliano Allegri is currently seeking to win a fourth Serie A title this season and has the credentials to fill the void left by Wenger.
He has previously won Serie A with AC Milan and has established himself as one of the most sought-after manager in world football.
He has yet to win the Champions League, despite reaching the final twice, but this week refused to say whether he was planning for next season with Juventus amid rumours he has been taking English lessons.
He said: "We've planned nothing yet, we need to program the future. This is an important week and I haven't scheduled any meeting. I will meet the president and the chiefs when it's the right time."
However, the 50-year-old has previously claimed he wanted to retire from management before the age of 55 and was hoping to manager the Italy national team in the meantime.