Middlesbrough will start their search for a new manager when Steve McClaren leaves the club on 16 May.
McClaren, who will replace Sven-Goran Eriksson as England coach next season, takes charge of Boro for the final time in the Uefa Cup final on 10 May.
"On 16 May the chairman and I will turn our attentions to finding a new boss," said chief executive Keith Lamb.
Martin O'Neill is the favourite for the job, with Alan Curbishley and Tony Mowbray also in the running.
Lamb added: "We will take some time to consider our options, but we can assure Boro fans that any decision will be made with the intention of continuing to take the club forward, building on Steve's work.
"Qualification for the Champions League remains our ultimate target.
"Steve's replacement will need to be someone we believe can help up achieve those aims."
Chairman Steve Gibson said they were working on finding McLaren's successor and had already had several applications.
"Five years ago when Bryan Robson left I had a limited number of people interested in the job," he told the Boro website.
"This time I have a greater number of people interested and I think that is a measure of the stature of the club, so we have a lot of available options open to us.
"We have a shortlist and a strategy and that will unfold hopefully soon rather than later."