Rene Vandereycken was relieved of his duties as coach on Tuesday, with back-to-back defeats against Bosnia all but ending the country's hopes of reaching the 2010 World Cup.
The likes of Dick Advocaat and Guus Hiddink have been mentioned as potential candidates for the post and FA chief Francois de Keersmaeker admits that is the standard Belgium are now looking at.
"The list of possible replacements for Vandereycken is quite long, but I cannot give any names for now, although there are some big names," De Keersmaeker told Het Laatste Nieuws.
"I would like to make it clear that no candidates on the list can be ruled out. Even Guus Hiddink."
While remaining optimistic about the possibility of luring a big name, De Keersmaeker admits his hands are tied by financial constraints.
"I cannot say exactly how much we are able to pay," he said.
"This will be clarified during negotiations. But we are not in a position to be able to pay a coach 6million Euros (£5.4m) a year, like Zenit (St Petersburg) pay Advocaat."
PotentialReports in Russia suggest Advocaat would be interested in the position, with Zenit's Belgian defender Nicolas Lomberts of the belief that his boss at club level is ready for a new challenge.
"The coach has said that if the Belgian FA approaches him, he would certainly listen to their offer," Lomberts said in Sport Express.
"I think he wants to work with our national side, he sees the potential."
Meanwhile, Advocaat is refusing to be drawn on the matter.
"The Belgians are yet to contact me, so I cannot say anything definitive about my future," said the Dutchman.