Rangers have confirmed that manager Pedro Caixinha has parted company with the club.
The Portuguese was appointed in March but departed the club on Thursday following a difficult few days that saw the team dumped out of the League Cup semi-finals by Motherwell before being held to a 1-1 draw against Kilmarnock at home.
Earlier this season, Rangers had lost to Luxembourg side Progres Niederkorn in the Europa League, considered by many to be the club's worst ever result on the continent.
The Gers now lie fourth in the Premiership table, eight points behind leaders Celtic, but also five behind second-placed Aberdeen and now one behind Motherwell.
"Rangers Football Club announce today (Thursday, October 26, 2017) that Pedro Caixinha has left the Club," a statement published on the club's official website read.
"The decision to part company with Pedro was taken after careful consideration and the search for a new manager will begin immediately.
"Pedro was appointed in March this year but results have been disappointing and not commensurate with the level of investment that was made available.
"Graeme Murty, head development squad coach, will take charge of the first-team in the interim, just as he did earlier this year.
"The priority is to appoint a new manager as quickly as possible, but the Board will take as much time as is necessary to secure the right person capable of representing Rangers and providing the brand of football supporters rightly expect.
"We, the Board, appreciate this is a difficult time for all Rangers supporters and we thank you for your patience and know Graeme and the players will receive your full backing in the days ahead.
"We thank Pedro and his backroom staff for their efforts and commitment and wish them well for the future."
Rangers face Hearts at Murrayfield on Saturday, with the Edinburgh side's work on their Tynecastle home still not completed.
WHO IS THE FAVOURITE FOR THE RANGERS JOB?
Aberdeen boss Derek McInnes has been installed as the early bookies' favourite to take charge ahead of Caixinha, having previously turned down overtures from Sunderland in the summer. A former player at Ibrox, he has enjoyed success since moving to Pittodrie, where he has established the Dons as Scotland's second force.
Behind him Alex McLeish is considered a front-runner, with the former Scotland manager out of work and having done a fine job at Ibrox in his previous spell in charge.
Billy Davies and, interestingly, Frank de Boer are considered other possibilities, while interim manager Murty is a strong candidate, too. Veteran striker Kenny Miller, who was exiled by Caixinha is the other man considered to be in with a serious chance.