Wolves have sacked boss Mick McCarthy following Sunday's 5-1 home thrashing by Black Country rivals West Brom.
McCarthy has been in charge at Molineux since July 2006 but his side have won only one of their last 13 matches.
"The board took the difficult decision after a run of form which has seen Wolves pick up 14 points in the last 22 league games," read a club statement.
"Terry Connor will take charge of team training in the interim until a new manager is appointed."
The statement added: "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."
http://www.bbc.co.uk/sport/0/football/17012933