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...
5. Kjetil Knutsen - 10/1
The Bodo/Glimt boss is hot property after guiding the club to back-to-back Norwegian titles as well as claiming notable results in Europe, including a 5-1 aggregate win over Celtic last season, and a 6-1 home win over Jose Mourinho's Roma. Photo: DANIEL LEAL
6. Peter Bosz - 10/1
The Dutchman was most recently in charge of Lyon but was sacked with the team in ninth place in Ligue 1. Has previously bossed Borussia Dortmund, Bayer Leverkusen and Aja, who he led to Europa League final in 2017, losing to Man Utd in the final. Photo: JEFF PACHOUD
7. Ralph Hasenhuttl - 10/1
The Austrian was sacked by Southampton earlier this month after a poor run of results left them in the relegation zone. Current Rangers sporting director Ross Wilson was director of football at Southampton when Hasenhuttl was appointed four years ago. Photo: OLI SCARFF
8. Russell Martin - 10/1
The current Swansea manager made 15 appearances for Rangers during a loan spell in 2018. Likes his teams to play an attractive possession-based style - his MK Dons side scored a record-breaking 56-pass goal. Photo: Ryan Hiscott