The Northern Irishman led the Blues to three promotions during a remarkable four-and-a-half year stint at the helm, including two to the Premier League, only to announce a shock resignation back in June. In a statement, the 40-year-old said he would be 'taking a break from management and dedicating some time to my family'.
McKenna still had two years left to run on a lucrative contract that included a release clause of £8m. Chairman Mark Ashton insists the club will be 'well protected' financially were he to take another job this season.
Sky TV cameras recently picked out the former Manchester United coach in the crowd at Tottenham watching their 0-0 draw with Everton earlier this month. McKenna was a reserve team player at Spurs when injury ended his career early and he went on to start his coaching career there.
Tottenham have finished 17th in the last two seasons and, after a huge summer spend, find themselves bottom of the early Premier League table after a five-game winless start. It's left manager Robert De Zerbi, who signed a five year contract in March, under pressure.
Betfair are already taking bets on who the next Spurs boss will be. They have Brighton's Fabian Hurzeler as the 5/2 favourite, with McKenna just behind on 10/3 followed by former Liverpool boss Arne Slot at 5/1.
Gary Neville, Roy Keane, Ian Wright, Jill Scott and Jamie Carragher all discussed McKenna's recent appearance at the Tottenham Hotspur Stadium on a recent episode of The Overlap podcast.