Donegal Celtic boss Pat McAllister will meet with the club's board this week to determine whether or not he will take on the challenge of returning the west Belfast club to the Premiership.
McAllister, who started his second spell as Celtic manager in September last year – replacing Declan McGreevy, who had himself replaced Stephen Small just 10 days earlier – previously led the Wee Hoops from the Championship following a play-off win over Institute in 2010.
However, the former Coleraine captain didn't boss DC in the Premiership following a close-season difference of opinion with a former member of the club's football committee.
On Friday night, he watched a squad he inherited submit to an away goals play-off demise against Warrenpoint Town, who join newly promoted Ards in the Premiership.
While it is expected McAllister will remain in charge, relishing the opportunity to build his own team, he said: "There's a lot of talking to be done over the next few days; we are literally in a different league now when it comes to revenue, player wages, people coming through the door and the plans we would have had, had we stayed in the Premiership.
"People in this club have knocked their pans in all season and we would have had things lined up for the new season, as well as new players who would have made a big difference. But mistakes have been made and that is why we are in the position we are in."
The 41-year-old added: "There's a hurt when you lose football games and a greater depth to that hurt when your team suffers relegation. But this is a different type of hurt; it's not real life. Real life goes on around us when we are in this situation of feeling down or feeling sorry for ourselves.
"For many, many years, my whole life revolved around football and nothing else mattered. But now, while I recognise the disappointment, and the fact we have let people down, we all still have a life to lead.
"We can all still have good times and good memories and we will get over this."