A number of high-profile names have already emerged as possible candidates to take one of the most powerful and toughest jobs in UK television.
Potential successors mentioned in newspaper media columns in recent days include outgoing Ofcom boss Stephen Carter, Channel 4 chief executive Andy Duncan and former BBC director-general Greg Dyke.
Finance director John Cresswell, who has been appointed interim chief executive, may also fancy taking on the job fulltime.
Industry analysts believe whoever takes the job will need to convince City investors that there can be no quick fix for the challenges at ITV.
With falling viewing figures, dwindling advertising revenues and television critics bashing the quality of programming, the new chief executive at the broadcaster will require a diverse range of skills.
Alan Flitcroft, head of media at Ernst & Young, said the key issue for ITV will be to appoint someone who can deal with the creative side of the television industry but also act as a head for business.
"ITV needs someone with a creative strategy," he said. "Someone who can work in the world of new media, multi-channel television and broad-band and who can then sell the strategy to investors."
"ITV also needs someone who is a good negotiator. Ironically, this was one of Charles Allen's strengths. It's a heavily regulated industry and you need someone who can negotiate through that."
Media analyst Graham Lovelace, of Lovelace Consulting, added that there would be no quick fix for ITV's problems.
He added: "It takes several months, if not years, to get hit programmes commissioned, on air and settled in with audiences."
Hotly tipped for the job are: n Stephen Carter, aged 42, the former head of media watchdog Ofcom and current favourite to replace Mr Allen.
"He's ambitious and keen to get back into media," Mr Lovelace said. "He may be the best man for the job."
Such an appointment may cause concern at the BBC and Sky, amid fears his work at Ofcom could mean he knows too much about their businesses. n Andy Duncan, aged 44, is currently chief executive of Channel 4.
Having cut his teeth in marketing for consumer product giant Unilever, he moved to the BBC in 2001 as director of marketing and communication and is credited with bringing the broadcaster into the digital age.
At Channel 4 since 2004, he may be too happy to leave although as a "superb brand marketer" he would bring a wealth of marketing experience to ITV. n Dawn Airey, aged 45, joined BSkyB in January 2003 as managing director of Sky Networks and became Sky's programming chief earlier this year.
Prior to joining Sky, she was director of programmes at Channel Five before rising to chief executive. She acquired a number of programmes that helped bring new viewers to the channel.
Although her expertise in pay TV would be welcome at ITV, Sky's empire may be bigger and Ms Airey may not wish to turnaround another company. n Greg Dyke, aged 59, the former BBC director-general who quit in the wake of the Hutton Inquiry, has also been mentioned for the job. But his role in a private equity consortium bid for ITV earlier this year could stand against him.
"He is good with people," Mr Flitcroft said. "But ITV also needs a hard businessman." n Mike Clasper, aged 53, former chief executive of airports operator BAA, has been tipped as a strong candidate from outside the industry. He is currently a non-executive director at ITV.
But Mr Lovelace said the right candidate must under-stand the industry in and out.