Wolves have sacked boss Mick McCarthy following Sunday's 5-1 home thrashing by Black Country rivals West Brom.
"This has been a decision we've taken with a heavy heart but we have to act in the best interests of the club," Wolves chief executive Jez Moxey told Sky Sports News.
"We've had brilliant times with Mick McCarthy and it is sad it has come to an end. But I'm sure it won't be long before he's back in management.
"We now have two weeks until our next game against Newcastle, which is enough time to find a new manager and turn our fortunes around."
McCarthy has been in charge at Molineux since July 2006 but his side have won only one of their last 13 matches.
My personal view of McCarthy - ALL HAT AND NO CATTLE.