The 68-year-old stepped down immediately after England's humiliating Euro 2016 exit at the hands of Iceland, with the bookies reacting with a wide-open market of candidates to rebuild the national team.
However, if grieving England fans have turned to the next manager odds for renewed faith then they may well be left bereft of inspiration by the favourites, with eight Englishmen with mixed experience heading the market as another foreign boss is considered unlikely.
Here's who Sky Bet rank as the most likely options...
Gareth Southgate (5/4)
England Under-21 manager was installed as a soft favourite at 6/1 following Hodgson's resignation and has been backed in to a clear market leader at 11/8.
However, Sky Bet are actually seeing more money on other candidates, with Southgate's position at the head of the betting determined more by the general betting industry's position.
If there's one slither of hope to take from England's Euro 2016 campaign then it can only be the fact that young players have been handed valuable experience at a major tournament.
Southgate is clearly rated as a fine nurturer of talent by the FA, although he's hardly enhanced his resume with a failure to make it beyond the group stages at the 2015 European Championships.
Harry Redknapp (4/1)
The man who many thought would and should have got the job when Hodgson was appointed is now attracting backing to finally be given the chance.
Sky Bet report that the 69-year-old has attracted more money than any other candidate for the role, prompting his odds to tumble from 28/1.
However, Redknapp has already ruled himself out of the race, telling the Daily Telegraph: "You can count me out - I've made it clear how I'd have liked the job in the past, but they aren't going to consider me now."
He also suggested that the FA cannot be trusted to make the right appointment, suggesting that there's no chance of him rebuilding bridges with the governing body.
Glenn Hoddle (7/1)
One man with all the relevant experience is Hoddle, who was in charge of England for two-and-a-half years, but the nature of his departure would make his reappointment controversial to say the least.
He was sacked back in 1999 following quotes suggesting disabled people were paying for sin of past lives, with the FA deciding to part company after 24 hours of crisis meetings.
The 58-year-old went on to manage Southampton, Tottenham and Wolves afterwards but has now been out of management for a decade, with the Glenn Hoddle Academy, punditry and a brief role as QPR first team coach occupying his time since.
Alan Shearer (8/1)
One man who has thrown his hat into the ring is legendary striker Shearer, telling the BBC: "I'd definitely speak to them, absolutely. I would offer my experience and tournament experience."
The 45-year-old also revealed that he previously offered his services to the FA only to be told he lacked sufficient managerial experience.
His odds may have come in from 50/1 to 8/1, but his experience has not changed, with a doomed six-game stint in charge of Newcastle still his only dug-out time.
Eddie Howe (8/1)
The Bournemouth boss is undoubtedly one of the most promising managerial prospects around, taking the Cherries from League One to the Premier League during his fledgling career.
However, at 38, his experience is limited to his two stints in charge at Dean Court sandwiching a brief spell at Sheffield United, while the former defender failed to make it as an international footballer, with just two under-21 caps to his name.
Gary Neville (12/1)
The Manchester United legend was considered favourite to be Hodgson's successor when he was appointed as England coach, with his odds shortening even further after taking over Valencia until the end of the season in December.
However, his time at the Mestalla could not have gone much worse, winning just three of 16 La Liga games before being shown the door after less than four months.
That failure has prompted a significant drift in his odds, while his involvement in England's woeful showing in France has only tarnished his reputation further.
Alan Pardew (12/1)
Pardew is a name often tentatively mentioned whenever the England job comes up, with a mixed record at a range of English clubs.
The 54-year-old has experienced ups and downs and pretty much every side he has managed, epitomised by his current reign at Crystal Palace, enjoying an impressive start in guiding them from relegation danger to a mid-table finish but failing to build on that form last season.
Plenty would be skeptical that he has proven himself good enough to be national manager, but he is clearly not one to shirk a challenge and would certainly be no less a popular appointment than when Newcastle turned to him back in 2010.
Sam Allardyce (14/1)
Has always coveted the post and spoken confidently about the qualities he would bring to it. Keeping Sunderland in the Premier League last term was another impressive achievement for his CV but he may be viewed as a retrograde appointment.
Arsene Wenger (25/1)
Seeing the cultured, technically-minded Frenchman with Anglophile tendencies oversee a Three Lions revolution is a highly attractive option. After 20 years with Arsenal, might he finally be persuaded to seek a new challenge?
Rafael Benitez (28/1)
Another foreign candidate but, like Wenger, the Spaniard is well versed in all things English. After stints with Liverpool, Chelsea and now Newcastle he qualifies as suitably 'assimilated' in the way Fabio Capello was not. Was not hurt by Newcastle's relegation, almost doing enough to avert it, and would surely fancy the job.