Ian Holloway has been sacked as manager of QPR and former England boss Steve McClaren is favourite to take over at Loftus Road.
The decision comes after Holloway met QPR owner Tony Fernandes for talks following their 16th place finish in the Championship.
The 55-year-old leaves the club with immediate effect, bringing to an end his second spell at Loftus Road during which he won 26 of 80 games in charge.
QPR chief executive Lee Hoos said: "We are hugely grateful to Ian for his incredible efforts during his time with us.
"He joined us at a critical stage as we looked to reduce the wage bill, bring in younger talent and remain competitive on the pitch at the same time.
"That is no easy task and it was down to his desire, love for the club and hard work that we achieved those goals.
"However, we are now looking to take the next step as we continue to work through what is a vital period of transition for the football club."
Director of football Les Ferdinand added: "His enthusiasm and passion for the club can never be questioned and we are immensely grateful to him for helping us during his time here.
"He will always be welcomed back to Loftus Road with open arms."
McClaren, who last worked as an adviser at Israeli side Maccabi Tel Aviv, is the favourite to replace Holloway.
The 57-year-old previously worked at QPR as part of Harry Redknapp's backroom team in 2013.
A QPR statement said an announcement regarding Holloway's replacement "will be made in due course."