You have to have someone lined up, and that manager has to want to come and has to know that he's walking in to a volatile situation where he'd be replacing a club legend and icon who had just been sacked, at a club where its star player has brought the club into the headlines for all the wrong reasons and who gets no grace from referees.
Can you say "poisoned chalice"?
The most likely outcome I can see from here (unless things change dramatically) is that we win the Carling Cup and finish 6th. We could do better or worse, but that seems most likely. We could go deep in the FA Cup depending on how long we avoid Spurs or ourselves.
Now to me 6th and a cup is better than Rafa's last season, though not by much if it's just the Carling Cup. The difference between 5th and 6th is nothing if we've already qualified for the Europa League. I would have to say that in the absence of priority candidates (eg Ancellotti [because he's actually won the league, the FA Cup and the CL, and may respect LFC from his time at AC Milan] or even AVB [who we seemed to butter up last season only for Hodgson to screw that up too]) King Kenny would stay. He failed to make top 4, yes. But maybe there's a bit more to finishing in the top 4 than throwing a small amount of money at it in a 6 team league, and there is something to be said for continuity at the top management level.
If we're 10 points out of 4th though, I'd be worried that "better" is illusory. Rafa got sacked for that kind of performance, the man who brought home no 5 and two 80+ points EPL seasons. If we were to be fair, Kenny would have to get the boot then too.
There's a lot left to do, and time in which to do it. But 4th could slip from our grasp with time enough to find a suitable replacement for Kenny. Whether FSG think that's a wise course of action remains to be seen.