The main thing is to get someone who the players will instantly respect and want to play for. I don't think that'd be the case with Hodgson or McLeish, who are basically just this season's version of Curbishley and Strachan (both of whom were among the favourites last time).
If we can't get Mourinho or Capello, I would hope we'd be looking at the likes of Rijkaard, Blanc, or - at a push - Martin O'Neill. The former two because they were great players, the latter because he's got a strong personality, knows the PL inside out, and generally seems to inspire respect/devotion in his players.
If Pellegrini can't speak English, I think you'd have to rule him out. Sounds like a recipe for disaster to me.