Watford are in advanced talks with Claudio Ranieri about becoming their new manager.
Munoz made his exit with Watford 14th in the Premier League after taking seven points from seven games.
Ranieri will forever be remembered for winning the Premier League with Leicester in 2015-16.
However, he was sacked the following season.
Since then he has had short spells with Nantes, Fulham and Roma, before joining Sampdoria, who he left at the end of last season.
Although the move to dismiss Munoz seemed brutal, given Watford have won two of their opening seven games of the Premier League season, it is in line with the overall strategy of the club owners, the Pozzo family, who have got rid of 13 managers since they took over in 2012.
Ranieri is understood to be the first choice to take the job and history suggests an appointment will not be long in being confirmed.