Neil Lennon resigned as Celtic manager on Wednesday morning, following another defeat to Ross County at the weekend that left them 18 points behind Rangers in the league table.
Rangers are set to win the Scottish Premiership after a decade and need just seven more points from their last eight games to confirm their status as champions of Scotland.
With Rangers on the rise, Jordan admits that the appointment of the next manager is going to be a massive decision for Celtic due to the nature of the rivalry between the two Glasgow giants.
However, he feels getting a big name manager is going to be hard for Celtic as they do not have the biggest of budgets that a top coach such as Rafael Benitez would be likely to demand.
Jordan said on talkSPORT: “Every single appointment is very important for Celtic.
“The nature of their rivalry with Rangers and the re-emergence of Rangers, it has now become even more prevalent.
“It is about what they do next, and it will be very interesting as one of the things that could preclude them from getting really big names is budget.
“I can’t see a Benitez coming because Benitez likes a big bag of money.”
John Kennedy is tipped to stay in charge of Celtic until the end of the season.
