Mick McCarthy has been sacked as manager of Wolves after five-and-a-half years in charge at Molineux.
Club owner Steve Morgan has ended McCarthy's reign with Sunday's 5-1 home defeat to West Brom the final straw.
Some fans vented their anger towards the directors box during the game and a couple of hundred demonstrated outside the ground long after the final whistle.
Wolves released a statement which read: "Wolves have today announced that manager, Mick McCarthy, has left the club with immediate effect.
"The Board took the difficult decision to terminate Mick's contract after a run of form which has seen Wolves pick up only 14 points in the last 22 League games, after a promising start to the season, culminating in yesterday's 5-1 defeat at home to West Bromwich Albion.
"Terry Connor will take charge of team training in the interim until a new manager is appointed.
"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."
Chief executive Jez Moxey said later he believed Wolves would "almost certainly" have been relegated if McCarthy had remained in charge.
Wolves have won just one of their last 11 top-flight games, leaving the third-bottom side facing a battle to avoid the drop.
Moxey told Sky Sports News: "We did a lot of soul-searching overnight and the board convened by telephone to discuss the current predicament.
"We felt with a two-week break before our next game at Newcastle, and the fact we've got 14 points from our last 22 matches, there was enough time with 13 games to go for us to try and retrieve the situation. We felt we had to make the change.
"This has been done with a hugely heavy heart - Mick McCarthy has done a fantastic job for the past five-and-a-half years in an exemplary manner.
"He got us promoted as champions, the first time we had won anything for over 20 years, retained our Premier League status for two years running and we're still in the Premier League.
"But we felt the team was only going one way and we needed to act. We've got time to get in a new manager and arrest the decline.
"We felt if we didn't do something we would almost certainly be relegated."
Wolves have not ruled out an interim replacement until the end of the season.
Moxey said: "Is an interim appointment a possibility? Yes, that is an option for us, we are not ruling anything out."
Moxey also made it clear the new manager has to adjust to the workings of the midlands club.
He said: "The person who joins us has got to understand what club he is joining. He needs to understand us.
"We are not the sort of club who has a manager we are working for. The manager has to work for the football club, has to understand how the club works.
"We are a very good club, financially in a good place, stable, got a good stadium, a brilliant training ground.
"But this is not a situation where a manager will come in with an open chequebook and be able to buy his way to success. He will have to do it the way this club is run, sensibly, prudently, and we understand that is a difficult ask to find that character."'
The likes of Alan Curbishley, Steve Bruce and Neil Warnock have emerged as early favourites with various bookmakers.
Bruce and Warnock are available after parting company with Sunderland and QPR recently, while former West Ham and Charlton boss Curbishley has been out of management in recent years but got the backing of Morgan.
"He's got a great track record, he's been there and done that before and he's exactly the calibre of person that we're looking for," he said.
Morgan will be hoping whoever takes charge can mirror the achievements of Roy Hodgson, who was appointed West Brom manager 12 months ago with 13 games to go in succession to Roberto Di Matteo.
After a watching brief against West Ham, the Baggies lost only two of their final 12 games to survive and it is that sort of form that will be needed to keep Wolves in the top flight.
Morgan, who is away on a half-term skiing holiday, has stayed supportive towards McCarthy during a difficult season but has decided a change is needed with 13 games to go.
Wolves began the current campaign with seven points from the opening three games but since then there has been a gradual slide.
Fans anger towards McCarthy boiled over when Wolves trailed 2-0 at home to Swansea in October although they recovered to draw the game 2-2.
There has been a simmering undercurrent of anger despite Wolves managing to stay out of the bottom three until the home setback by Aston Villa in mid January.
The win at QPR 10 days ago ended a run of 11 games without a win in all competitions.
But it was only a temporary reprieve before Wolves were put to the sword by West Brom and suffered a fourth successive home setback to seal McCarthy's fate.
McCarthy took charge of Wolves during the summer of 2006 and promised promotion to the top flight within three years which he delivered.
Wolves missed out via the play-offs the following season, finished seventh 12 months later but went up as winners of the Championship in 2008-2009.
Their first campaign back in the Premier League saw Wolves finish 15th and they ensured safety with two games to spare.
But Wolves only clung onto their place amongst the elite at the end of last season thanks to Stephen Hunt's goal against Blackburn with three minutes to go on the final day.
McCarthy cleared his office at the club on Monday and expressed his hope that Wolves would stay up.
He said: "I just want to thank everyone for what has been nearly six wonderful years.
"I feel we've achieved a lot both for me personally and as a club.
"I've had a great working relationship with everybody at the club and would like to thank all those who have contributed to the success that we've had, and also to the fans who have supported me through thick and thin.
"I really feel it is a privilege to have managed such a great club and I've had the best of times.
"I want to send my best wishes to everybody and also to the new guy that comes in.
"And to everyone - please stay up!"
Mick McCarthy Factfile
1959: Born Barnsley, February 7.
1977: Made league debut for Barnsley and played in every game of their then Division Four campaign, scoring one goal.
1983: Moved to Manchester City for £200,000 after 272 appearances and seven league goals for the Tykes. At the time it was the biggest transfer fee Barnsley had received.
1984: Made Republic of Ireland debut in 0-0 Lansdowne Road draw with Poland in May.
1987: City were relegated to Division Two and in May McCarthy joined Celtic after 140 league appearances and two goals for the Blues. Made Celtic debut against Hibernian on October 3 and helped the Hoops to the double, collecting Scottish League and Cup winners' medals.
1989: Picked up second successive Scottish Cup winners' medal after 1-0 final win over Rangers.
1989: Joined French club Lyon.
1990: In March, returned to England and makes Millwall debut at Luton before completing a £500,000 move in May. Played in all Ireland's matches in final stages of World Cup as the Republic reached the quarter-finals before bowing out to hosts Italy.
1991: Succeeded Bruce Rioch as Millwall player-manager in March and made last appearance for the club against Southend in final match of season. Played in 35 league games, scoring two goals, for the Lions.
1992: In June, won last of 57 Republic caps in 2-0 victory over Portugal in Boston.
1994: Steered Millwall to third place in Division One but missed out on promotion to the Premiership when beaten 2-0 on aggregate by Derby in play-off semi-final.
1995: Engineered FA Cup victories over Premiership sides Arsenal and Chelsea before bowing out to QPR. Also beat Nottingham Forest to reach fifth round of Coca-Cola Cup before losing to Swindon. Revival in league form during second half of season boosted Millwall's Division One finishing position to 12th.
1996: Took Millwall to top of Division One before slump in form saw them drop into mid-table. Appointed Jack Charlton's successor as Republic of Ireland manager on February 5.
1997: November - Guided side to brink of qualifying for World Cup finals in France 98, but Republic are beaten 3-2 by Belgium in play-off.
December 2 - Handed new contract to manage Republic until the European Championship finals in Belgium and Holland in 2000.
2001: Ireland qualified for World Cup with Portugal, at the expense of Holland.
2002: May - Ireland skipper Roy Keane sent home from Far East before World Cup starts, following blazing row with McCarthy after the Manchester United midfielder's criticism of Ireland's facilities.
June 16 - After qualifying from Group E with Germany, Ireland's hopes of reaching the quarter-finals ended in a penalty shoot-out with Spain.
June 17 - Agreed to stay on as manager of the Republic for a further two years, meaning he will remain in charge for the Euro 2004 qualifying campaign.
October - Linked with the manager's job at Sunderland but Howard Wilkinson ultimately fills the vacancy.
November 5 - Left his post as Republic of Ireland manager.
2003: March 12 - Appointed Sunderland manager.
May - Loses first nine Premiership games in charge as Sunderland are relegated from the top flight.
2004: May 17 - Loses to Crystal Palace on penalties in the Championship play-off semi-final.
2005: May - Promoted to Premiership as champions of the Coca-Cola Championship.
2006: March 7 - Sacked as Sunderland manager.
July 21 - Appointed manager of Wolves.
2007: Took Wolves to the play-offs in his first season in charge but they lose in the semi-finals to local rivals West Brom.
2009: Took Wolves to the Championship title.
2012: February 13 - After two successful battles against relegation from the Premier League, McCarthy is sacked the day after a 5-1 defeat at home to derby rivals West Brom sees them drop into the bottom three.
