Keegan's predecessor will become the Toon's sixth manager in just four years.
According to Skybet, Gustavo Poyet is the favourite to take over from the former England chief.
Poyet, currently assistant manager at Spurs, has connections to Dennis Wise, Newcastle United's technical director.
The Uruguayan served as coaching number two at Swindon and Leeds United.
It is said that, despite his lack of managerial experience, Poyet is viewed as the perfect man.
But, this could cause a stir on Tyneside.
Dennis Wise has also emerged as a strong favourite.
Although he is not popular with Magpie fans at the present time, the former Chelsea star has had managerial experience at Millwall, Southampton, Swindon Town and Leeds.
Alan Shearer is another name that has been mentioned.
The Toon legend is perhaps the only man who can rival Keegan's popularity and help owner Mike Ashley heal the wounds of the Geordie faithful.
But a lack of managerial experience and other commitments could work against United's all-time leading goalscorer.
Didier Deschamps could also take the reigns at St James' Park.
Deschamps, who won more than 100 caps with France, would arrive with managerial experience, not least guiding Monaco to the UEFA Champions League final in 2004. He has also spent time in charge of Juventus.
Everton's David Moyes could also be a likely target.
The Scot has an abundance of experience, having managed at Preston and Everton. His six years at Goodison Park gives him a wealth of Premier League experience.
Moyes has also been linked with Newcastle in the past and it has been rumoured that he has become disheartened on Merseyside following a frustrating summer in the transfer market and an uninspiring start to the season.
Other candidates include Motherwell boss Mark McGhee, Real Zaragoza chief Marcelino Garcia Toral or former Liverpool manager Gerard Houllier. Ex-Barcelona boss Frank Rijkaard could also be a possibility.
Candidates according to Skybet odds Gustavo Poyet: 5/2
Dennis Wise: 9/2
Alan Shearer: 11/2
Didier Deschamps: 8/1
David Moyes: 8/1
WHAT DO YOU THINK? SEND YOUR COMMENTS TO JAMES WILLOUGHBY RELATED ARTICLES>>
Keegan resigns as Newcastle boss>>
United 'did not want Keegan to leave'>>
United fans angry over Keegan resignation>>
Ex-Sunderland boss: Wise appointment was 'recipe for disaster'>>
Kevin Keegan managerial timeline
The full article contains 407 words and appears in n/a newspaper.