Swansea have already begun their hunt for a new manager, following the departure of Brendan Rodgers to Liverpool.
Chairman Huw Jenkins confirmed in a statement on Wednesday night that the Northern Irishman had asked to leave so he could take over at Anfield; the two clubs are understood to have agreed a compensation deal on Thursday.
It is understood that the club had started to make preparations for life without Rodgers as early as February, holding a series of meetings when the 39-year-old was linked with Tottenham.
Brighton boss Gus Poyet, Blackpool's Ian Holloway, Birmingham's Chris Hughton and former Denmark international Michael Laudrup have all been linked with the vacancy at the Liberty Stadium.
However, former assistant manager Graeme Jones is tipped to return to South Wales. Jones is currently assistant to Roberto Martinez at Wigan.