Chelsea and Leeds United icon emerges among favourites to succeed Matt Taylor at Rotherham United
They are expected to be led into their Yorkshire derby against Leeds United by a caretaker team, although speculation regarding who will take the reins permanently remains rife.
Hasselbaink had previously been one of the outside contenders with bookmakers, although the BetVictor odds on him landing the role have been slashed to 4/1.
This places him as the second favourite behind former Wigan Athletic boss Leam Richardson.
Hasselbaink currently works for the England national team, who he coaches alongside Three Lions boss Gareth Southgate, his former Middlesbrough teammate.
His last stint in club management was at Burton Albion, while he has also led Royal Antwerp, Queens Park Rangers and Northampton Town.
Also among the favourites are Steve Evans and Gary Rowett, both priced at 8/1, as well as former Celtic boss Neil Lennon, priced at 12/1.