The Champions League-winning Spaniard parted company with the Reds by mutual consent on Thursday after six years at the Anfield helm.
Benitez is thought to have agreed a £6million compensation package and attention will now turn to the identity of his successor with several high-profile names already in the frame.
Martin O'Neill and Roy Hodgson are among the favourites - as is Guus Hiddink, despite his recent appointment as the Turkish national team coach.
With owners Tom Hicks and George Gillett planning to sell the club, former Reds boss Kenny Dalglish, now an Academy ambassador, could also be a short-term option.