Notts County have pledged to take their time in appointing a new manager, but have ruled out handing the job to director of football Sven-Goran Eriksson.
The ambitious Magpies parted company with Ian McParland for "footballing reasons" on Monday despite the club sitting just four points off the top of the League Two table.
But following intense speculation linking director of football Eriksson with a more hands-on role, the club have released a statement outlining their plans for the future.
Former Internazionale coach Roberto Mancini - a friend of Eriksson - has already been linked with the role at Meadow Lane.
"It is an inescapable fact that the hopes and ambitions of the football club have been totally transformed in the past few months," executive chairman Peter Trembling told the club's official website.
"Now we have a five-year project to deliver sustainable success to the club and our focus is to reach the Championship and beyond.
"Ian has been manager of the football club for the past two years and during that time his passion and commitment has never been in doubt.
"However, as a board of directors, for footballing reasons we felt a need to make a change to the current situation.
"Our next appointment is going to be extremely vital to the project we are endeavouring to deliver here.
"We fully understand and appreciate there will be considerable debate about the identity of the new appointment.
"What I can say is that we will take the appropriate amount of time to ensure we make the right appointment. This will be done to our own time schedule.
"As we would all expect, our director of football Sven-Goran Eriksson will be responsible for this appointment."