The Dutchman was removed from his post after a poor run of results saw the Ibrox side slip nine points behind Celtic in the title race, and crash out of Europe with the worst Champions League group stage record in history.
The decision over who replaces him in the Ibrox hotseat is sure to spark much speculation and debate over the coming days as the Rangers board weigh up their options.
Steven Gerrard, the man Van Bronckhorst replaced this time last year, was installed as the initial favourite to return to the Ibrox hotseat, but his odds have since widened.
His former first-team coach at Rangers and Aston Villa, Michael Beale, has emerged as the new odds-on favourite after taking his first steps into management with Queens Park Rangers during the summer.
Here are who bookmakers McBookie are listing as the leading candidates to take over the Ibrox hotseat...
1. Michael Beale - 4/6
Beale was on Steven Gerrard's coaching staff at Ibrox and was credited with being a key figure behind the scenes. Followed him to Aston Villa last November before taking his first steps into management with QPR earlier this year. Recently turned down the chance to manage Wolves. Photo: Alan Harvey - SNS Group
2. Sean Dyche - 5/1
The former Burnley boss has been out of work since being sacked from Turf Moor in February. He twice guided the Clarets to promotion to the Premier League and led them into Europe for the first time in 51 years. Photo: Pete Norton
3. Kevin Muscat - 6/1
Having got rid of one former player, could Rangers turn to another in the shape of the current Yokohama F Marinos boss? Would set up an interesting all-Australian battle with Celtic boss Ange Postecoglou, the man he replaced at the Japanese side last year before emulating his title success. Photo: YORICK JANSENS
4. Gerardo Seoane - 10/1
The Swiss coach guided Bayer Leverkusen to a third-place finish in the Bundesliga last season but was sacked last month following a poor start to the current campaign. Before moving to Germany, won three consecutive Swiss Super League titles with Young Boys. Photo: SASCHA SCHUERMANN