Former Newcastle star Chris Waddle told BBC Five Live that temporary assistant manager Alan Shearer may be the answer to the club's long-term problems.
Shearer is taking temporary charge along with Glenn Roeder
He will assist caretaker boss Glenn Roeder against Portsmouth on Saturday and Waddle said the striker's lack of managerial experience was irrelevant.
"Alan's been in the game a long time. Management is different but there are many who've done it," said Waddle.
"It's all about your players - if you can get their respect, you'll be fine."
Waddle said the writing had been on the wall for Souness for a long time but circumstances had seemed to conspire against him.
"I feel for Graeme. He has been honest, he was brought in to sort out the changing room, which had some strong characters in it, but, unfortunately for him, he has been hit by injuries," he added.
"It's all right in lower leagues when you get injuries but when you are in the top league, it's more difficult.
"People will say 'this was wrong, that was wrong' - the defence was never solid, but I feel for him as he was never able to get his strongest side out on a regular basis."
Former Newcastle defender Frank Clark is the chairman of the League Managers' Association, and he said he thought the Roeder-Shearer partnership could be a decent combination, provided it was a short term arrangement.
"My only concern is about their relative inexperience," he told Radio Five Live.
"It'll just be a temporary arrangement before they bring in someone on a permanent basis.
"They don't have Uefa coaching badges, but there's a Premier League regulation that a temporary manager can work for 12 weeks without any qualification.
"I'm a Newcastle fan and it's very disappointing.
"Stability is a great asset to have at a big club. It's unfortunate that we have so much chopping and changing, but it's part of the pressure that comes to bear on whoever is manager of Newcastle.
"The last major honour the club won was in 1969, people are so desperate to win something.
"There'll be a lot of names being bandied about, and I'm sure chairman Freddy Shepherd will be desperately hoping that this time, he gets it right."
Frank Gilmore of the Newcastle United Independent Supporters' Association said results had left the chairman with little option but to get rid of Souness.
"The way results have gone, Mr Shepherd had no option but to part company with him," he told BBC News 24.
"It was basically the way the team played. He got rid of players that we thought highly of and then the ones he brought in to replace them weren't good enough. I would say that the vast majority of the supporters would be happy."
Former Newcastle striker Mick Quinn said Souness had been hired to do a specific job but had failed to address other problems.
"The reason he went there is he is known as a disciplinarian and under the old regime of Sir Bobby Robson, one or two players were going astray," he said.
"He sorted out the disciplinary side but he didn't really sort out the team."
Another former Newcastle player, Kevin Gallacher, said the expectations of fans were unrealistic and their impatience made the manager's job harder.
"Fans have got to realise the club is in a transitional period," he told Radio Five Live.
"At Bolton, Sam Allardyce was given a 10-year contract and that gave him stability to get things up and running - he had a plan and has been able to apply it without pressure of getting sacked every day.
"Two seasons isn't enough to conjure up a new squad, get them together and be challenging to win things."
Another former Magpies player, Warren Barton, said Souness' departure was no surprise but the timing of it was a bit strange.
"It was only a matter of time but you thought they might go on until the end of the season," he stated.
"It is ironic that he has got nearly the whole squad back except for Michael Owen, as he always said to judge him when he had a full squad back.
"I don't think they need to panic.
"Someone like Alan Shearer knows the club and has the respect of the fans, it's a big decision, so they have to get it right."
Shearer's former team-mate Steve Howey said he thought the striker, who is currently tied as Newcastle's all-time record goalscorer, may be perfect for the job.
"It's a dream come true for him to play for the club and break records but that will be amazing for him if he can manage the club as well," he said.