West Ham said they hope to appoint a "high-calibre" successor within the next 10 days and have expressed an interest in Paulo Fonseca and Rafael Benítez, who might prove too expensive to prise away from Newcastle.
David Moyes has parted ways with West Ham United following the end of his short-term contract.
Moyes' assistants Alan Irvine, Stuart Pearce and Billy McKinlay have also left with immediate effect. I chose not to.
11 - years in charge at Everton, from 2002 to 2013, longer than in all his other managerial jobs combined. "It's not a problem".
Betfair have installed the veteran Chilean as 8/11 favourite to be the next West Ham manager.
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On Tuesday fellow co-chairman David Gold had claimed he wanted Moyes to stay but in a statement on Wednesday Sullivan said the club had made a decision to "move in a different direction".
As Sportsmail revealed on Monday, co-chairman David Sullivan spoke to Shakhtar Donetsk manager Paulo Fonseca and his agent Jorge Mendes at his Essex mansion on Monday in a meeting arranged while Moyes was still under contract.
The former Manchester City boss has been installed as the odds-on favourite to replace David Moyes after his departure from the London Stadium on Wednesday.
Gold also felt that injuries had contributed to a disappointing season for West Ham, adding: "We were disappointed at our performance right the way through the year".
A new boss will no doubt look to bolster his options at the back during the summer transfer window, and two or more additions to the department will definitely limit Rice's chances. Was it because of the manager situation, was it because the players weren't good enough?
"No team can suffer that kind of situation".