While Essendon's search for the next head coach remains ongoing, club legend Matthew Lloyd says a decision will be made by the end of next week.

The Bombers were left to hunt for a new leader following the sacking of Ben Rutten after a terribly disappointing 15th-place finish in 2022, just a season after playing finals.

Five candidates are said to remain in the running, including former Bomber Dean Solomon, club legend James Hird, Melbourne assistant Adem Yze, ex Roos steward Brad Scott and recent addition, St Kilda assistant Brendon Lade.

Essendon failed in its pursuit of four-time Premiership Coach Alastair Clarkson who accepted the North Melbourne coaching position, with former GWS Coach Leon Cameron, ex-Crows boss Don Pyke and former St Kilda and Fremantle Coach Ross Lyon all removing themselves from contention.

Speaking on the Nine Network's Footy Classified, Lloyd says confirmation of the appointment is imminent.

"I have got some information, by the end of next week Essendon will name a coach and a CEO. So the new journey of a club begins. That's one aspect."

The hunt for a CEO comes after Xavier Campbell's departure last month after eight years in the position.

When asked about whether James Hird is in the frame for a second coaching stint with the club, Lloyd says it is too hard to tell yet.

"We'll wait and see if he doesn't get the job first. I think he presented really well. I think do what Michael Voss did, and go into the system and I think he'd win himself another job at some point throughout his time," Lloyd, a premiership teammate of Hird's, professed.

Lloyd also confirmed former teammate Andrew Welsh will be a member of Essendon's board.