The popular Italian was sacked this morning.
Cottee said: "The fans want a manager who will bring success. The right man for me is Slaven Bilic, I think he is head and shoulders above the other candidates.
"I would love to see him return to West Ham.
"He has had a great experience with Croatia but they didn't qualify for the World Cup and if West Ham could give him an escape route I think he would take it.
"He has a lot of passion for the club and still has a place in London."