Now, Sullivan and Gold have got a decision to make. Who will they look at to take over as manager of the Hammers?
Here, Sportsmail runs through the candidates for the Upton Park hotseat.
Cheerio: West Ham have sacked Gianfranco Zola as boss after a poor season
Glen Hoddle Tottenham legend Hoddle runs his own football academy in Spain but would be willing to return for the right job.
He is free and available if Sullivan and Gold approach him, and he has an impressive club CV despite his memorable exit as England boss.
Such a move could reinvigorate the hapless Hammers - and do the same for Hoddle himself.
Pastures new: Ex-England boss Glenn Hoddle runs a football academy in Spain
Slaven BilicBilic would fancy returning to Upton Park after his time there as a defender in the Nineties.
England fans will remember him as the inspiration behind the Croatia team that knocked them out of Euro 2008. A move to an English club has long been touted.
Avram Grant Staying with Portsmouth won't seem very attractive to Grant if they struggle in the Championship like they have in the top flight, and that's without mentioning the financial battle the club is facing off the pitch.
Grant did well to get Pompey to the FA Cup Final and has won many admirers for his perseverance.
Ex-Iron man: Croatia's Slaven Bilic
In with a shout: Pompey's Avram Grant
Mark Hughes Hughes has had a lot of experience managing in the Premier League with Blackburn and Manchester City, and it would be good to see him turn around West Ham's fate after his unfortunate sacking at Eastlands. Will be desperate to prove his City doubters wrong by bouncing back in style.
Gregorio Manzano Voted as Spain's coach of the year in2008, Manzano has seen Real Mallorca into fifth place in La Liga thisseason with one game to go, and could yet seal a Champions League spot.
His success with Majorca has gained him a lot of attention but will his great spell in Spain make him reluctant to leave?
Point to prove: Ex-Manchester City manager Mark Hughes
Super season: Real Mallorca head coach Gregorio Manzano
Alan Pardew Pardew has been in the Upton Park hotseat once before and guided them to the FA Cup final in 2006, where they were beaten by Liverpool on penalties in a classic match.
On the brink of being sacked by Southampton despite his sterling work on the south coast, he would be a cheap option that would divide Hammers fans.
Controversial: The reappointment of Alan Pardew would divide fans' opinion
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