The Scot claimed that he had no choice but to quit due to his position becoming "untenable" with the club.
As expected, a whole cast of characters have been linked with the job and Sports Mole is here to take a look at some of them.
The 43-year-old made his name at the club by guiding the team to the Premier League title as captain in 1995. Currently part of the coaching staff at Tottenham Hotspur, many believe that he is ready to step through the door at Ewood Park and into the crazy world of management.
Shearer grew into becoming the greatest striker in Britain during his time with Rovers and was part of the title-winning team of 1995. However, his managerial record consists of relegation with Newcastle United in 2009 and Rovers fans will be wary of such inexperience.
The proud Irishman has been without a job since being sacked as manager of Wolverhampton Wanderers in February. The sort of steely bloke they love in that neck of the woods, McCarthy could provide a much-needed link with the fans. Knows a thing or two about promotion to boot.
Blackburn may not have to look far for Kean's replacement. Black has served as the Scot's assistant since January 2010 and is highly regarded in footballing circles as someone who has a broad knowledge of the game. The 48-year-old would also give the team some continuity as they look to keep up their solid start to the season.
Where there's a managerial vacancy, 'Curbs' usually pops up. With a history of promotion and cementing a team's place in the top flight, he certainly has the credentials. However, would the owners be able to force him off that comfy pundits' sofa?
The stoic Scot will be looking to salvage his reputation following a disastrous spell in charge of Aston Villa last season. Disgruntled fans are his bread and butter and he could help quell the discontent at Ewood Park by taking a promotion-chasing squad all the way to the Premier League.