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...
9. Steven Gerrard - 10/1
The former Rangers boss, who delivered the club's much-coveted 55th league title, was initially favourite to return following his recent sacking by Aston Villa. Was criticised by Rangers fans for his decision to leave, and is now without right-hand man Michael Beale, who is in charge of QPR. Photo: Craig Williamson - SNS Group
10. Marcelo Bielsa - 12/1
Former Argentina, Chile, Athletico Bilbao and Marseille head coach is out of work after leaving Leeds United last season having achieved what no other manager had in 16 years and led the club back to the Premier League. Photo: PAUL ELLIS
11. Nuno Espirito Santo - 12/1
Currently managing in Saudi Arabia, the Spaniard enjoyed success in English football with Wolves, leading them to the Championship title before securing their highest placed top flight finish (Seventh) since 1979-80. Took over Tottenham in June 2021 but was sacked just five months later. Photo: Catherine Ivill
12. Scott Parker - 12/1
Former England midfielder has enjoyed a successful managerial career in the English Championship, leading both Fulham and Bournemouth to promotion. Was sacked by Bournemouth earlier this season after a 9-0 loss at Liverpool. Photo: Marc Atkins