The 59-year-old will officially leave his role at St James' Park on Sunday when his contract expires.
But who is in the hat to be in charge of the Magpies next season? Here, Sportsmail looks at the contenders.
Jose Mourinho - 6/1*
The Portuguese manager has been out of work since his dismissal from Manchester United in December.
Mourinho has been linked to the Chelsea hotseat this summer and last week he revealed he could manage a national side as his next step.
Earlier this month there were reports that the 56-year-old could take over at St James Park if billionaire Sheik Khaled bin Zayed Al Nehayan's takeover is completed.
And now Mourinho is the bookmakers' favourite to be at the helm of Newcastle for the 2019-20 campaign.
Avram Grant - 8/1*
Avram Grant took over from Mourinho at Chelsea back in 2007. Under his tutelage the Blues finished second in the Premier League and were runners-up to Manchester United in the Champions League.
Since leaving Chelsea, Grant has not reached the heights of that Champions League final in Moscow. He dropped down significantly to manage crisis-club Portsmouth, who went into administration and were relegated. He also suffered the drop to the Championship at West Ham.
Grant was sacked on the day the Hammers went down to the Championship and he has taken on more obscure jobs, such as with Partizan Belgrade and the Ghana national team.
The 64-year-old Israeli's last position was as technical adviser at NorthEast United in the Indian Super League.
MailOnline
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