Tottenham boss Harry Redknapp is the outstanding favourite to replace Fabio Capello as England coach but Spurs chairman Daniel Levy is yet to comment on the future of his manager, who still has 15 months to run on his contract at White Hart Lane.
Capello biographer Gab Marcotti speaks to ESPN
Redknapp was tipped to replace Capello after Euro 2012 but the Italian opted to quit his post as England manager on Wednesday following a disagreement with the FA regarding the decision to strip John Terry of the captaincy for a second time.
With just four months left before the start of European Championships the FA must move quickly to appoint a new manager, but are likely to install a caretaker boss for the upcoming friendly with Holland at Wembley on February 29.
That would allow Redknapp, who was cleared of tax evasion charges this week that cleared the way for the Englishman to take charge of the national team, to see out the season with Tottenham before taking over as England boss.
However, Spurs chairman Levy must be willing to release the man who led his side to the Champions League for the first time in their history in 2010, and is well placed to do so once more this season.
The Tottenham chief is yet to speak about the situation but non-executive director Keith Mills says it's not a foregone conclusion that Redknapp will be offered the England job.
"Harry needs to make a decision whether he'd like the job or to stay at Tottenham," Mills told BBC Radio 4. "I'm sure Harry won't be the only candidate. Whether Harry's approached or not is not a forgone conclusion."
Meanwhile, former England manager Sven-Goran Eriksson believes 65-year-old Redknapp has all the right qualities to be the next head coach of the national team.
"I think Redknapp will be a very, very good choice. He's English; he knows his football," Eriksson told BBC Sport.
"[Redknapp] is doing a great job with Tottenham and has done a great job with every team he's had in the past."
The Swede managed the England national team between 2001 and 2006, and says the current Tottenham boss has the necessary CV for the role.
"You need to be an experienced manager used to dealing with the big names and some knowledge about international football would help. I think Harry has all these things."
However, other candidates have already emerged, with Guus Hiddink having reportedly expressed an interest in the position - perhaps in a similar 'caretaker' role to the one he took at Chelsea in 2009, where he took the club to FA Cup glory during a temporary spell in charge. Rafael Benitez is also said to be keen on the job.
The new manager will have to address the issue of whether Terry should be part of the England squad given the racism allegations against him and the fact that his presence could be divisive - especially if Anton Ferdinand's brother Rio is part of the squad.
After that, the new manager will have just two friendlies - assuming a caretaker boss takes charge against Holland - to work with ahead of the European Championships, against Norway on May 26 and Belgium on June 2. The first competitive match will be against France, in Donetsk, on June 11.
The FA have scheduled a press conference at 12 noon on Thursday to explain Capello's departure.