King Kenny met John W Henry and Tom Werner in Boston earlier this week and has paid the price for a disappointing season.
Liverpool only recorded six wins at home and, despite a Carling Cup victory over Cardiff, the Reds were very poor in the Premier League finishing 8th – 37 points off the top.
Wigan boss Roberto Martinez is favourite to take over at Anfield available at 6/4 with Paddy Power.
Former Liverpool manager Rafael Benitez is 13/8 to make a spectacular return to the club where he famously won the Champions League in 2005.
Martin O’Neill is now 10/1 despite only going back to boyhood club Sunderland this season. Jose Mourinho is another manager available at 10/1 but may be reluctant to come after having a frosty relationship with the Liverpool faithful in the past.
Frank Rijkaard enjoyed plenty of success as manager of Barca and has seen some support backed in from 16s to 12/1 to take the job.