The owner of the relegation-threatened club also responded to candidate Alan Curbishley's eagerness for discussions, stating he's 'the calibre of person that we're looking'
Wolves chairman Steve Morgan has revealed that the club’sboard felt they had "little or no choice" but to sack manager Mick McCarthy.
The Black Country side terminated the former Sunderland manager’s contract on Monday, after a five-and-a-half year reign, which saw him guide the Wanderers into the Premier League and stay there for three consecutive seasons.
Nonetheless, a run of just 14 points from 66 available - culminating in a 5-1 hammering by bitter rivals West Brom - ensured McCarthy's reign ended.
Speaking to Sky Sports News, Steve Morgan said: "I'm afraid the board thought we had little or no choice.
"Mick and I have had several conversations in recent weeks. Mick's a good guy and the decision was taken extremely regretfully but results have not been good enough this season.
"Wolves has historically been one of the great clubs in English football. Hanging around the bottom few places and relegation is not what this club is about.
"We need to pick ourselves up and be aiming up the league and hopefully that's what the new man will take us forward with. We have ambitions and fighting relegation is not one of those ambitions.
"It came with a heavy heart because everybody likes Mick and he's been a great servant to the club, and we wish him all the best."
Wolves now have a two-week spell before their next match - away to Newcastle United - within which to find a new manager to halt the decline, and an interim appointment is a possibility according to chief executive Jez Moxey.
"We felt we had to act now. We had to get a new manager in to try and halt the decline in results.
"We felt if we had carried on the way we were we would certainly have got relegated. The trend was only going one way.
"Is an interim appointment a possibility? Yes, that is an option for us, we are not ruling anything out."
Managers such as Neil Warnock, Steve Bruce and Paul Ince have already been linked to the role, whilst Alan Curbishley, who made it known that he would be interested, has received the early backing of the chairman.
"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.”