Wolves have sacked manager Mick McCarthy following the humbling 5-1 home defeat to Black Country rivals West Bromwich Albion on Sunday.
"The board took the difficult decision after a run of form which has seen Wolves pick up 14 points in the last 22 league games," read a club statement, via the BBC.
"Terry Connor will take charge of team training in the interim until a new manager is appointed.
"The board would like to place on record their sincere thanks and appreciation to Mick McCarthy and he leaves with the very best wishes of everyone connected to the club."
McCarthy has been in charge at Molineux since July 2006, but having won just once in their last 13 matches, they are now languishing in 18th place in the Premier League two points clear of bottom club Wigan.