Mick McCarthy has been sacked by Wolves after his side lost 5-1 to rivals West Brom at the Molineux on Sunday.
Wolves terminated McCarthy's contract after a run of form which has seen them pick up just 14 points in the last 22 League games, after a promising start to the season.
Terry Connor will take charge of team training in the interim until a new manager is appointed.
Mick McCarthy joined Wolves in July 2006 and led the club to the Championship title in the 2008/2009 campaign, before keeping the club in the Premier League for the past two seasons.
A club spokesman said: "The board would like to place on record their sincere thanks and appreciation to Mick McCarthy and he leaves with the very best wishes of everyone connected to the club.
"The club will be issuing a fuller statement in due course."
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