Here, Press Association Sport looks at some of the contenders for the vacancy:

RYAN GIGGS

Giggs would be a widely popular replacement for Toshack and he has spoken of his desire to one day manage Wales - but would he consider the job while still playing at the highest level for Manchester United?

JOHN HARTSON

Hartson declared his interest as soon as rumours began to circulate that Toshack was ready to stand down. The former striker has no managerial experience but he has completed his coaching badges.

CHRIS COLEMAN

Coleman was closely linked with the job six years ago after making a successful start to his managerial career with Fulham. Difficult stints at Real Sociedad and Coventry followed but Coleman would be available immediately.

BRIAN FLYNN

Flynn is one of the stronger candidates for the job having enjoyed a successful stint as Wales Under-21 manager, guiding the team agonisingly close to European Championships qualification in successive years.

KENNY JACKETT

Jackett won 31 caps for Wales in the 1980s and is considered one of the favourites for the job. He has enjoyed managerial success with Swansea and Millwall, winning promotions with both clubs.

DEAN SAUNDERS

Saunders was Toshack's assistant and he combined that job with managing Wrexham, who he joined in 2008 after coaching stints with Blackburn and Newcastle.

TONY PULIS

The Stoke boss revealed he would be interested in managing his country - but not yet. Newport-born Pulis wants to establish Stoke in the Premier League before considering a move to international football.

MARK BOWEN

The Fulham assistant manager has been linked with the job but Bowen said recently that Giggs and Coleman are the "two names that stick out for me", suggesting he is unlikely to leave Craven Cottage.