It is clear that Preston will have had some indication that they would be looking for a new manager with Sunderland circling over Grayson for a number of weeks.
The official line is that the club have had a number of applicants believed to be in the region of around 25. The club have stressed that they are considering the applications this weekend and no interviews will take place until early next week.
On the basis of the official statements it appears that an appointment might be made ahead of the pre-season friendly with Bamber Bridge albeit Steve Thompson will take training up until that point.
Several names have been linked with the vacancy but sources close to the club suggest that it is unlikely that the club would appoint a previous manager. This would rule out David Moyes and Billy Davies. Depending on which was you view it Graham Alexander as a previous iterim manager may also be ruled out.
Out of work Alex Neil, formerly at Norwich, Neil Lennon and Owen Coyle have been put on a shortlist with the bookies. Uwe Rosler, currently at Fleetwood is on the list but it is unclear if he would be willing to leave.
There are a few surprising names linked with the role including Steven Gerrard, Ryan Giggs and Paolo Di Canio. It is unclear if any have actually applied.
Preston need to make an appointment swiftly in the event that there are additional transfer targets from the new manager.