Hierro, 49, left his role in charge of Segunda Division side Real Oviedo earlier today. The Spanish side released the following statement:
"Real Oviedo and Fernando Hierro have decided, by mutual agreement, that the coach does not continue the next season in the entity.
Both sides have made the decision not to renew the commitment for the next season.
Real Oviedo thanks Fernando Hierro for his dedication and professionalism demonstrated during his time in our organization, and for having been part of the project that continues to build our club.
The Málaga coach will say goodbye to the media tomorrow, Wednesday, at a press conference that will take place at Carlos Tartiere at 12:30."
Hierro's departure from Oviedo sparked a flurry of bets on him becoming the next Leeds manager, with his odds going from 33/1 to 5/2.
Real Oviedo was Hierro's first foray into management. Before that, the former Spain captain spent time as Malaga's Director of Football, as well as a two year stint as Carlo Ancelotti's assistant at Real Madrid.
Hierro managed Oviedo for 43 games, winning seventeen whilst also losing sixteen. Oviedo finished the season in 8th place.
Fernando Hierro remains a fan favourite at The Reebok, having helped Wanderers reach Europe for the first time back in 2005. Playing a vital role in midfield, Hierro score once in 29 games as Bolton finished sixth in the Premier League.
He was a great player, but is Hierro the man to take Leeds United back to the top flight? It remains to be seen.