The club announced it had parted company with the Portuguese by "mutual consent" after a 5-0 thrashing at home to Liverpool in the Premier League.
Last month, Spurs suffered a humiliating 6-0 defeat at Manchester City, heaping pressure on Villas-Boas after a 3-0 defeat to West Ham the previous month.
According to Sky Bet, Fabio Capello is the 11/8 favourite to replace the 36-year-old, followed by Michael Laudrup (5/1), Glenn Hoddle (8/1) and Guus Hiddink (8/1).
Villas-Boas guided Tottenham to 29 wins and 12 draws during his 54 games in charge.
He steered the side to their current seventh place in the Premier League, two points ahead of Manchester United, and maintained an unbeaten record as Tottenham won their Europa League group.
However, more was expected of a team that spent £108m on seven new players during the summer following the departure of Gareth Bale to Real Madrid for an enormous transfer fee.
Speaking after the Liverpool defeat, Villas-Boas said he would not stand down.
"The call to make that decision is not mine, because obviously I won't resign and I'm not a quitter," he said.
"The only thing I can do is work hard with the players to get them back on track.
"This is a top-four squad but in our Premier League form we are not there."
Villas-Boas, who lasted less than a year in his previous job at Chelsea, guided his boyhood club Porto to a trophy treble in 2011, as the Portuguese side won the league title, the Portuguese Cup and the Europa League.
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ThoRam
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