Pools announced Lee’s exit less than 48-hours before their final game of the season against Colchester United after ‘a significant downturn in results and performances over recent months, despite investment in new players during the January transfer window.’
Lee was in charge for five months at the Suit Direct Stadium after he replaced Dave Challinor in December.
The former Middlesbrough academy man led Pools to League Two safety as well as the fourth round of the FA Cup and the semi-final of the EFL Trophy.
But results have dwindled over recent weeks with Pools winning just one of their last 11 games which has led to chairman Raj Singh relieving Lee of his duties with just one game remaining.
But who is in line to replace Lee?
Here, at The Mail, we look at who could be next in line at the Suit Direct Stadium. Ex-Middlesbrough and Real Madrid defender Jonathan Woodgate has already ruled himself out.
13. Simon Grayson
Former Sunderland and Leeds United boss Grayson has been out of work since being sacked by Fleetwood Town earlier this season but is another being considered by bookmakers. (Photo by Lewis Storey/Getty Images) Photo: Lewis Storey
14. David Unsworth
Unsworth has made no secret of his desire to land a first team role and has left his position as Everton's academy director and Under-23s manager to do so. (Photo by Charlotte Tattersall/Getty Images) Photo: Charlotte Tattersall
15. Michael Appleton
Appleton would be an outside shot for Pools following his recent exit from Lincoln City. The former Blackburn Rovers, Oxford United and Portsmouth boss has also been linked with the Hibernian job. (Photo by Naomi Baker/Getty Images) Photo: Naomi Baker
16. Tony Mowbray
As of writing, the current favourite for the role is Blackburn Rovers boss Mowbray. The former Boro man is set to leave Ewood Park after the final game of the season but would a move back to the North East be something which interests the 58-year-old. (Photo by Harriet Lander/Getty Images) Photo: Harriet Lander