According to odds compiled by Oddschecker, former Celtic manager Tony Mowbray is the favourite to take the reins at Coventry City.
The Sky Blues have had their fair share of off-field problems in recent years, and now they're in trouble on the pitch too, having won just once in the last ten games.
Pressley, a former Celtic defender, leaves with the club in 21st place, and ex-Leeds manager Dave Hockaday has been placed in temporary charge alongside Neil MacFarlane.
Now, the attention turns to finding Pressley's replacement - with the likes of James Beattie, Paolo Di Canio and Darren Ferguson all mentioned in the early odds.
However, the odds compiled by Oddschecker suggest that it's another former Celtic player who could replace Pressley, with Tony Mowbray currently the 2/1 favourite.
Mowbray, 51, not only played for Celtic during the early 1990's, but also came back to manage the club in 2009 - but lasted just nine months before being sacked having lost 13 of his 45 games in charge.
Out of management for 16 months since leaving Middlesbrough, Mowbray may relish a return to the Midlands having previously managed West Brom, but keeping Coventry in League One is an unenviable task for anyone right now.