Stale Solbakken has been sacked as manager of Wolves, the club have confirmed.
The 44-year-old Norwegian guided Wolves to 18th in the Championship, securing just nine wins from 26 games, while the club suffered an FA Cup third-round exit at the hands of non-league Luton Town on Saturday after a 1-0 defeat at Kenilworth Road.
A statement issued from Wolves cited the side's poor form and elimination in the FA Cup as the main reason behind Solbakken's sacking.
Assistant manager Johan Lange and first-team coach Patrick Weiser have also been dismissed. The club's head of football development & recruitment, Kevin Thelwell, will take charge until a new manager is appointed.
Solbakken was named Wolves boss in May 2012 after the club suffered relegation from the Premier League, and officially took over from Terry Connor last summer.
A statement from Wolves read: "Wolves have announced that Stale Solbakken has left the club with immediate effect. The club has also terminated the contracts of Johan Lange, assistant manager and Patrick Weiser, first-team coach.
"Wolves are currently 18th in the npower Championship and have won three out of the last 16 league games after a hugely disappointing run of performances and results, culminating in Saturday’s FA Cup third round defeat to Luton Town.
"Kevin Thelwell, head of football development & recruitment, will take charge of first team training until a new manager is appointed, assisted by development coach, Steve Weaver.
"The club would like to offer their thanks and best wishes to Stale, Johan and Patrick."