Iraklis confirmed the resignation of coach Marinos Ouzounidis on Monday afternoon.
The Greek coach quit earlier on the day after the Thessaloniki team's goalless draw with Kerkyra at home on Sunday that left them just three points from the relegation zone.
"Iraklis football club announces the acceptance of the resignation of Marinos Ouzounidis. The club thanks the manager for his contribution to the team in this difficult period during
which he took over and wishes him the best for the rest of his professional career," the Iraklis statement read.
The Thessaloniki Blues are desperate to secure a new manager ahead of the crucial match against Super League bottom side Panserraikos at Serres on Saturday.
Reports suggest that Giorgos Paraschos, who this season had spells at Xanthi and Panionios, is the favourite to take over at the club he had also managed in the 1997-98 period.
Another candidate is former Asteras Tripolis coach Vangelis Vlachos.
source: sportingreece