It came as no real surprise given the volume of speculation over his future which had begun months before his exit.
A host of top managers from across Europe have been linked with the Upton Park hot seat, with much debate in both the media and amongst fans over who would be co-owners David Sullivan and David Gold's best bet.
In the days after Allardyce's departure, Sullivan vowed to reignite the passion of the Hammers faithful with an inspirational new manager.
He told West Ham's official website at the time: "I want to appoint a manager you all feel excited by and one that will honour the club's traditions and history."
If reports in the likes of the Daily Star - as well as hints from co-owner Gold - are to be believed, that man looks set to be former Hammers defender and Croatia manager Bilic, who left his own job with Besiktas at the end of the season.
Bilic is lauded as a 'fans' favourite' and 'cult hero' but will his appointment really "excite" fans as Sullivan vowed to?
Other names linked to the Boleyn Ground vacancy certainly had tongues wagging. The likes of Rafa Benitez, Carlo Ancelotti, Jurgen Klopp, Unai Emery and Marcelo Bielsa certainly have the X-factor.
But can Bilic, untried as a manager in the relentless English top flight, stir the same excitement in East London?
The former Irons centre-back actually only played 54 times for the Hammers from January 1996 to 1997 before moving on to Everton.
His performances endeared him to West Ham fans but he earned the said "cult hero" status after insisting on seeing the season out in East London despite the Toffees' £4.5 million bid for his services in March that season.
The 46-year-old claimed he had a debt of loyalty to West Ham to stay with the club until the end of the season and ensure they were not relegated.
And he achieved that goal with Harry Redknapp's side finishing in 14th place, two points above the relegation places.
But he still left the club, albeit for a considerable fee at the time, stating that he saw a move to Goodison Park as a step up.
As a manager it is difficult to truly assess Bilic's achievements. During his time with Croatia he was lauded for ushering in a new generation of young players while getting impressive results to restore pride to the struggling national side.
But a disastrous spell as Lokomotiv Moscow's manager followed with Bilic guiding the Russian side to their worst league result (ninth place) since the establishment of the Russian championship in 1992.
The no-nonsense boss was brave enough to accept responsibility for Lokomotiv's failure, though, and was sacked at the end of the 2012-13 season.
In Turkey at Besiktas, considered the second biggest club in the country, Bilic was up against it from the start. The club appointed him as they embarked on 'Feda' or 'sacrifice' - so named after their most famous player - where they had to purge players and club assets to address alarming levels of debt.
They came out the other side, though, and were able to sign players again. But it did little to improve their league position as they finished third in the Super Lig behind Fenerbahce and table topping bitter rivals Galatasaray this season.
Bilic enjoyed some success in the Europa League with memorable victories over West Ham's fierce rivals Tottenham Hotspur and Liverpool. That will bode well given the Hammers face Europa League qualifiers from as early as July 2.
Interestingly for West Ham fans, the no-nonsense Croatian boasts a win percentage of 55.16% during his 223 games as a manager so far in his career.
He is a highly intelligent man too. As well as his native Croatian, Bilic is fluent in German, Italian, and English, while he also has a degree in law.
Crucially, though, unlike all the other manager's linked to the post, Bilic is yet to win any silverware as a boss.
And for many fans that key statistic could well be a factor in killing any potential excitement over his impending arrival.