Here is a look at the five favourites with the bookies.
McCarthy may not be everybody's cup of tea, just ask Wolves fans, but his record in getting club's promoted is not to be dismissed. And that after all is Bolton's main ambition right now. As West Ham showed with Allardyce last year, dreams of playing free-flowing football should be set to one side, in favour of pragmatism, at least until promotion is secured. It may not be possible this season after a terrible start, but if a new boss could turn their season around quickly, a play-off spot may not be out of the question. McCarthy has been there and done it with Wolves and Sunderland, and is an early favourite with the bookies. Lowest odds: Evens (BoyleSports)
McLeish's spell at Villa was a horror show, and the club's supporters were glad to see the back of him. There would certainly be a few dissenters among the Bolton faithful if the Scot was handed the role, but he is an early favourite. He has achieved promotion previously with Birmingham (after getting them relegated), and knows the Championship. As Hull are experiencing with Steve Bruce, sometimes a manager with a point to prove can be worth taking a gamble on. Lowest odds: 5/1 (Coral)
The current Barnsley boss is a surprise candidate to take over at the Reebok. Barnsley currently sit one place below Bolton in 19th, with Hill being tipped to jump ship by the bookies. He built his reputation at Rochdale, where he spent five years and helped them achieve their highest league finish in more than 40 years, switching to the Tykes in 2011. Lowest odds: 5/1 (Coral)
Ole Gunnar Solskjaer
Like a Norwegian Alan Curbishley, former Manchester United striker Solksjaer has become the latest manager to be linked with virtually every job going in English football. He is the fifth favourite among the bookies, who believe he could be tempted into a project at the Reebok. He is currently managing Molde, who are competing in the Europa League, and you suspect he will want to see that adventure through. Lowest odds: 8/1 (Ladbrokes)
Nobody knows Bolton better than Sammy Lee, the man who was Allardyce's number two, and who remains a part of the side's management structure. It may be considered a gamble considering his failed attempt at managing once before, but this is an entirely different scenario, with different players, targets, and even a different league. Lowest odds: 9/1 (BoyleSports)
image: © Matthew Wilkinson