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Sky Sports News understands Alan Irvine has been sacked by underperforming Sheffield Wednesday.
A 5-3 defeat to Peterborough on Tuesday proved to be the final straw for an Owls board growing increasingly concerned with recent results.
Wednesday were expected to be among the League One frontrunners this season, having slipped out of the Championship in 2009/10.
A bright start bode well, with the club reaching the third tier summit on the back of a four-match unbeaten opening.
However, a slump in form soon saw them slip off the pace, raising initial concerns.
Wobble
A revival in fortune helped to carry the club back into the promotion pack, but the wheels have fallen off spectacularly of late.
The Owls have gone six games without a win and now find themselves in mid-table, eight points adrift of the play-off places.
Irvine has paid the price for that wobble, with his Hillsborough tenure brought to an abrupt end after 13 months.
The Scot was appointed in January 2010 but was unable to prevent Wednesday from succumbing to the drop.
Having failed to stop the rot, the former Preston boss leaves after 59 games in charge, of which he won just 24.
Mandaric explains Irvine axe
Chairman Milan Mandaric has insisted he took the decision to dismiss Alan Irvine in the best interests of Sheffield Wednesday.
Irvine was sacked by the Owls on Thursday morning after just over a year in charge at Hillsborough.
He paid the price for a six-game winless run, culminating in Tuesday's 5-3 defeat at Peterborough, which left Sheffield Wednesday in mid-table and eight points adrift of the play-offs.
Sheffield Wednesday had started the season with high hopes of bouncing straight back up to the Championship and Mandaric believes a change of manager was the only option at this stage.
Unfortunate
He said: "It is unfortunate but this had to take place. The decision has been made on what is in the best interests of the club.
"We will be making further announcements in due course."
Former Wednesday player Gary Megson and ex-Crystal Palace, Coventry and Hull boss Iain Dowie have emerged as early candidates to succeed Irvine, who signed a three-and-a-half-year contract when he replaced Brian Laws as manager in January.
Assistant manager Rob Kelly and coach Billy Barr will take charge until a successor for Irvine is found.
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